Are family contributions part of "gross income" under
Posted: Mon Jul 17, 2017 10:25 am
Probably not if they are loans.
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On Fri Jul 14 2017 17:57:32 GMT-0700 (Pacific Daylight Time), Office mitnicklaw@aol.com [cdcbaa] wrote:
Unfortunately, there is very little case law out there. I looked at the issue about a year ago. The concept of income varies from decision to decision. Next week, I will send you the few reported cases that I found.
Eric
Law Office of Eric Alan Mitnick21515 Hawthorne Boulevard, Ste. 1080Torrance, CA 90503(310) 792-5864 (tel)(310) 347-4353 (fax)MitnickLaw@aol.comSent from my iPhone
On Jul 14, 2017, at 5:36 PM, ccooper@publiccounsel.org [cdcbaa] wrote:
Trying to figure out if a PC qualifies for the $175K homestead exemption under 704.730(a)(3)(C) available to "a person 55 years of age or older with a gross annual income of not more than twenty-five thousand dollars ($25,000)." She needs the $175K exemption to protect her equity in a potential C7.
K per year. However, she gets family contributions to help pay the mortgage. Do the family contributions count as "gross income"? If so, that puts her over the $25K limit.
I've looked at several cases (including In re Shelley), and can't find a good answer. Most of the cases I've seen focus on whether business expenses can be deducted in calculating gross income, but don't discuss whether contributions to expenses are counted as income.
Any insight appreciated!
Christian
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