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Old 06-07-2020, 07:56 PM
 
1 posts, read 398 times
Reputation: 10

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Hi,

I have a residential property outside of 100 mile of NYC. The assessed value of the property + my asset is below 4 person household limit of my AMI level.

The rental expense (management company fee, HOA etc) and rental income are canceling each other. I pay mortgage of the house outside of this.

Is the full rental income from the tenant considered as part of my regular household income, even though the management company gives me zero or very little check at the end of the day? Adding the gross rental income will put me outside of the qualification.

I am doing this under my individual tax, but what if I set up LLC and transfer to it? Still counts as my personal income?

Thanks in advance!
TMKS
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Old 03-09-2023, 11:36 AM
 
22 posts, read 14,775 times
Reputation: 15
did you ever get a solid answer for this?
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Old 03-09-2023, 12:18 PM
 
Location: Read the Marketing Handbook, and Income a Guide.
2,057 posts, read 1,670,514 times
Reputation: 492
Possibly useful in determining an answer, ‘ Applying for Affordable Housing: Applicant Income Guide’ :
https://www.nychdc.com/sites/default...me%20Guide.pdf
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