Payments received for rental of apartments, land, or other property.
Rental income that is the result of services performed by the individual is considered self-employment income. See Self-Employment.
Rental income is self-employment income when it results from services performed by the individual.
Treatment: Earned Income
Rental income is unearned income when it results from services managed by a rental agency or by someone other than the individual who receives the income.
Treatment: Unearned Income
Reduce the rental income according to one of the following formulas:
• a flat rate of $50.00 per month for each renter, or
• the actual verified expenses, if higher.
See also Roomer Income and Boarder Income.