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All About Household Assets and Working with Gig Income

Wednesday, February 10, 2021 - 10:00am

Amanda Gross, VP of Training and Compliance Policy at US Housing Consultants, will present the following sessions on Wednesday, February 10, 2021.  Please mark your calendar.  Registration is now open.  Materials for the training will be provided prior to the training date.

All About Household Assets

A Review of Assets Including Peer-to-Peer Payment Apps

For most affordable housing programs, the determination of annual income includes income derived from household assets. One of the many challenges for housing professional is determining when an asset is treated as an asset, and when an asset is actually treated as income source.

With continued advances in technology, we are now living in the “Age of the App” which has created peer-to-peer payment apps, such as Venmo, Cash, Paypal, etc. The increased prevalence of these apps have spurred the following questions within our industry;

  • Are these peer-to-peer treated as household assets?
  • Are deposits made into the app treated as income?

Is it an Asset or is it Income?

In this webinar, Amanda Lee Gross will review common assets encountered by housing professionals and she will even touch upon some less common assets as well. Amanda will also clarify when an asset source is actually treated as an income source. Amanda will also speak to:

  • Potential changes related to assets under HUD’s proposed rule implementing HOTMA.
  • Handling income and assets utilizing of peer-to-peer apps
  • Review of Virtual Currency as an Asset, such as Bitcoin

 

Working with Gig Income

What is “Gig Income”? Companies like Uber, Lyft, and Upwork are providing workers the ability to earn income on their own terms. This can mean someone driving a few Uber routes a week, taking on a data entry job on Upwork, or full time employment through one of the many freelance sites. This presents challenges for assisted housing compliance, as income may be sporadic, subject to change throughout the year, and include self-employment expenses.

Handling Income From Self-Employment

Verifying and calculating income from self-employment has always been challenging for HUD, Tax Credit and other assisted housing programs. Income in the Gig Economy is no exception to these challenges In this webinar, Amanda Lee will discuss the requirements on how to determine annual income from self-employment and how to document anticipated income from employment in this new economy.

  • Determining Income from Self-Employment
  • Units being Used for Business
  • Documenting Self-Employment Income (Including for Lyft & Uber Drivers)
  • Review of IRS Tax Forms, (Changed in 2019) 1040 & Schedule C.
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