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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 29 Chapter 5 Assets

5.5.7.B Non-Business Personal Property

Income Producing SNAP: Property that is annually producing income consistent with its CMV is excluded. Vehicles and recreational vehicles/equipment are excluded regardless of use. This includes vehicles used as a taxi, truck or a fishing boat. Equipment used by someone who live on a farm and uses the equipment for self-employment is also excluded. SSI Medicaid Groups: Up to $6,000 of an individual's equity in personal or real income-producing property is excluded, if it produces a net annual income of at least 6% of the excluded equity. The minimum amount of net annual income the property must produce is $360. If the individual's equity is greater than $6,000, only the amount that exceeds $6,000 is counted toward the asset limit, when the net annual income requirement of 6% is met on the excluded equity. • Net annual income is the gross income from the enterprise, less the cost of doing business for a one-year period. • If the activity produces less than a 6% return, due to circumstances beyond the individual's control, such as crop failure or illness, and there is a reasonable expectation that the individual's activity will again produce a 6% return, the property is excluded. • If the individual owns more than one piece of property, and each produces income, each has the 6% rule applied. Then, the individual's equity in all of the properties producing 6% is totaled to determine if the total equity is $6,000 or less. The equity in those properties that do not meet the 6% rule is counted as an asset. If the individual's total equity in the properties producing 6% income is over the $6,000 equity limit, the amount of equity exceeding $6,000 is counted as an asset. The procedure to determine if the property is excluded is as follows: • Step 1: Add together the equity value of all personal and real business properties used in one enterprise. SNAP WVW, AFDC-Related SSI Groups No* Yes No*