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I work doing Foster Care for the last five years. Does this qualify as a job?

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August 23 2011 - White Plains
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Good catch Rudi... let me qualify my response.

If the payments for Foster care are not reduced if not spent for specific expenses, then the remainder is treated as income.

Also, if the Foster child is related by blood, marriage, or operation of Law, the the payments are treated as income.






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August 24 2011

My thought is no. Monies received from providing Foster Care may be seen as compensation for expenses incurred. Do you claim this as income on your Federal Tax Returns?

Happy funding, Rudi 

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August 24 2011
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Thank you for the answers posted and for any future ones. I really appreciate the help!!!
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August 23 2011
Typically, the test is: will the income last for the next 3 years. In this case, with verified history and documentation from income source stating it will last until it doesn't, the income can be used for qualifying.
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August 23 2011

I suggest that you contact a lender with whom you can discuss your income, your liabilities and other assets and the type of home you are looking for.  Best wishes!

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August 23 2011
 
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