Question on filling out form

Discussion in 'General Discussion' started by Confused, Aug 22, 2007.

  1. Confused

    Confused Newbie

    My mother owns a home but does not live in the home, she is currently in assisted living. She does not currently have this home for sale. My brother is living in the home.

    Does this need to be included as part of her net worth as property?

    She also has inventory (used books) at her home that she used to sell over the internet. I would think that the inventory has to be included in her net worth. But am not sure.

    Thanks for the assistance, I like the site and the forum. Perhaps these questions was already responded to on another thread. This is a daunting task to do, all the paperwork but....she really needs this money. Between SS & the little pension, there is not much to live on.
     
  2. veteranadvocate

    veteranadvocate Full Member

    My mother owns a home but does not live in the home, she is currently in assisted living. She does not currently have this home for sale. My brother is living in the home.

    Does this need to be included as part of her net worth as property?

    She does not need to included the home as part of her net worth. BUT if she is receiving money from your brother as rent for living in the house, that money would have to be reported. There's a VA form to report rental income and there are ways of not having all of the rental income counted.

    She also has inventory (used books) at her home that she used to sell over the internet. I would think that the inventory has to be included in her net worth. But am not sure.


    Are the books still being sold and what kind of volume are we talking about? If it is a significant amount of value that can be easly liquidated then the VA may feel she should do so and it will count in with her net worth.

    Like most questions regarding VA benefits, one thing depends on another. It is very difficult to give a simple answer to a question.

    Hope this has been of some help to you. Welcome to the forum. We are happy to hear that you like the site and the forum. Please tell others about this benefit. Most veterans and widows are not aware of it.
     

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