3) Income Ownership

Joint Rental Income Example

The customer and spouse are joint owners of a rental property. Their daughter is the agent for the rental property. The monthly rent paid by the renters of the property is $400.00. The $400.00 check paid by the renters is made out to the daughter. Although the check is made out to the daughter, the owners of the income are the customer and the spouse. $200.00 is the customer’s income and $200.00 is the spouse’s income.

Jointly Owned Annuity Example:

The customer and spouse are named as the annuitants on an annuity contract. The $1,000.00 monthly annuity check is made out only in one spouse’s name. Because the customer and spouse are both owners of the annuity, $500.00 is considered the customer’s income and $500.00 is considered the spouse’s income.