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West Virginia Income Maintenance Manual Chapter 5
West Virginia Income Maintenance Manual Page 30 Chapter 5 Assets
• Step 2: If the Step 1 amount is less than $6,000, multiply that amount by .06. If the Step 1 amount is $6,000 or greater, multiply $6,000 by .06. • Step 3: Compare the Step 2 amount to the net annual income. If the net annual income is equal to or greater than the amount in Step 2, subtract $6,000 from total equity value of the property(s). The remainder is an asset. If the net annual income is less than the amount arrived at in Step 2, the total equity of the property(s) is an asset. Income Producing Example: Mr. Aster owns a mobile home, which is not his residence that has a CMV and equity value of $3,000. He owns other property that has a CMV and equity value of $2,000. The mobile home produces a net annual rental income of $750, and the other property produces less than $50 a year. Because the mobile home produces more than a 6% return, its equity value is excluded. Because the other property produces less than a 6% return, its equity value is counted.
Necessary for Self-Support SNAP: Vehicles, recreational vehicles/equipment, and mobile homes are excluded regardless of use. SSI Medicaid Groups: Non-business personal and real property is considered essential for an individual and/or his spouse's self-support if it is used to produce goods or services necessary for his daily activities. This property includes real property, (i.e., land), which is used to produce vegetables or livestock for personal consumption only, (i.e., corn, tomatoes, chickens, cattle). Vehicles used solely in a non-business self-support activity (i.e., garden tractor, boat used for subsistence fishing) are included under this policy, but not vehicles as defined in Section 5.5.48 below. Property used to produce goods or services or property necessary to perform daily functions is SNAP WVW, AFDC-Related SSI Groups No* Yes No * EXCEPTION: Property that represents the authority granted by a governmental agency to engage in an income-producing activity is excluded if it is: • Used in a trade, business, or non-business income-producing activity; or • Not used due to circumstances beyond the individual's control (i.e., illness), and there is a reasonable expectation that the use will resume.