Calculation of income and assets.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) Earned income of persons under the age of 18 unless they are a borrower or a spouse of a member of the household; (2) Payments received for the care of foster children or foster adults; (3) Amounts granted for or in reimbursement of the cost of medical expenses; (4) Earnings of each full-time student 18 years of age or older, except the head of household or spouse, that are in excess of any amount determined pursuant to section 501(b)(5) of the Housing Act of 1949, as amended; (5) Temporary, nonrecurring, or sporadic income (including gifts); (6) Lump sum additions to family assets such as inheritances; capital gains; (7) Any earned income tax credit; (8) Adoption assistance in excess of any amount determined pursuant to section 501(b)(5) of the Housing Act of 1949, as amended; (9) Amounts received by the family in the form of refunds or rebates under State or local law for property taxes paid on the dwelling; (10) Amounts paid by a State agency to a family with a developmentally disabled family member living at home to offset the cost of services and equipment needed to keep the developmentally disabled family member at home; (11) The full amount of any student financial aid; and (12) Any other revenue exempted by a Federal statute; a list of which is available from any Rural Development office. (c) (1) For each household member, except the head of household or spouse, who is under 18 years of age, 18 years of age or older with a disability, or a full-time studen

official document · source cfr-2024 · id 7:§ 3550.54