23 Miss. Code. R. 104-7.34

Current through December 10, 2024

Rule 23-104-7.34 - Rental Income

A. Rental income is defined as follows:

1. Rent is payment that a person receives for the use of real or personal property, such as land, housing or machinery.

B. Rental income is treated as follows:

1. In determining Medicaid eligibility for at-home and institutional categories, consider net rental income.

2. Net rental income is gross less the ordinary and necessary expenses paid in the same taxable year.

a) Net rental income is counted as unearned income unless it is earned income from self-employment (such as someone in the business of renting properties).

b) Ordinary and necessary expenses are those necessary for the production or collection of rental income and generally include:

1) Interest on debts;

2) State and local taxes on real and personal property and on motor fuel;

3) General sales tax;

4) Expenses of managing or maintaining the property.

23 Miss. Code. R. 104-7.34

Social Security Act §1902 (r)(2); 42 CFR §435.601(b) (Rev 1994).