Veteran “moves in” with adult child, keep veteran’s residence, what do you do with rental income?
The net rental income ( less mortgage, taxes, insurance, maintenance, home owners association fees, etc.) is income to the veteran, as "other income" on the primary application form (either the 21-526 or the 21-534), explain in the remarks section, income from the primary residence.
However, the primary residence to be considered a non-exempt asset, the veteran must retain the rights of occupancy. Consequently, state the veteran retains full rights of occupancy to move into the residence at any time and has retained a locked portion of the home for storage of their property.Tags: 21-526, 21-534, income, non exempt asset, occupancy, Primary residence, rental income, veteran