Income Calculations

How to Treat CARES Act’s Changes to Unemployment Benefits

August 11, 2020    

Since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March, millions of unemployed workers have claimed unemployment benefits that were more generous than they normally would’ve received, including those who would’ve received no benefits at all. The...

CARES Act Changes Required Minimum Distribution Rules for 2020

May 1, 2020    

Senior citizens who apply to or already live at your site may have income from certain types of retirement plans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a temporary waiver of required minimum distributions (RMDs) that would otherwise be payable in 2020 for...

Use Same HUD Passbook Savings Rate Despite Fed Rate Cut

March 30, 2020    

Recently, the Federal Reserve Bank cut its benchmark federal funds rate by 1 percent in an effort to stimulate the economy as it takes a major hit from the coronavirus pandemic. The decrease was the central bank’s second emergency rate cut in a month.

When the Fed cuts interest...

Keep 2020 Mileage Rates in Mind When Deducting Medical Expenses

January 29, 2020    

Some of your households may have unreimbursed medical expenses that include travel expenses to and from treatment. And if any of these households are classified as elderly or disabled, HUD permits a medical expense deduction to be used to calculate their adjusted annual income. So be sure these...

SSA Announces 2020 COLA Increase of 1.6 Percent

October 29, 2019    

The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.6 percent in 2020. The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security...

How to Calculate Tenant Income from Real Estate Investments

August 15, 2019    

by Daniel Bagliore

How to Handle Income from Temporary U.S. Census Bureau Employment

August 15, 2019    

The U.S. Constitution mandates that a census of the population be conducted once every 10 years. Census data is used to determine the number of seats each state holds in Congress and how more than $675 billion in federal funds are distributed back to states and local communities every year for...

How to Handle Balances Held Within and Distributions from ABLE Accounts

June 13, 2019    

ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. They were created as a result of the passage of the Achieving a Better Life Experience Act of 2014, better known as the ABLE Act. The beneficiary of the account is the account owner, and...

Apply Three Income Calculation Rules to Section 221(d)(3) BMIR Units that Don’t Get Other Assistance

February 15, 2019    

For Section 221(d)(3) and (d)(4) BMIR multifamily housing, HUD subsidizes an owner’s mortgage by lowering the mortgage interest rate. Sites subsidized under this program are sometimes referred to as Below Market Interest Rate (BMIR) property. Rents aren’t based on a percentage of a...

How to Verify Income of Newly Self-Employed Ride-Hailing Service Drivers

October 16, 2018    

Explosive growth in ride-hailing services such as Uber and Lyft are attracting more and more drivers. These drivers earn extra income with the benefit of working flexible hours. According to recent research by JPMorgan Chase Institute, from late 2013 to this spring, the number of households...

HUD Working to Resolve EIV Data Issues

July 19, 2018    

According to recently issued RHIIP ListServ Posting #411, HUD has been advised that a number of owners/agents are encountering old or missing data when attempting to view EIV reports for some or all of their sites. If you’re encountering these issues, for compliance monitoring purposes,...

SSA Announces 2017 COLA Increase of 0.3 Percent

November 15, 2016    

The Social Security Administration (SSA) has announced that the monthly Social Security and Supplemental Security Income (SSI) will increase 0.3 percent in 2017. The 0.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 60 million Social Security...