Minnesota Administrative Rules
Agency 192 - Veterans Affairs Department
Chapter 9050 - VETERANS HOMES
ADMISSIONS, DISCHARGES, COST OF CARE CALCULATIONS, AND MAINTENANCE CHARGES
Part 9050.0730 - DEDUCTIONS FROM RENTAL INCOME
Current through Register Vol. 49, No. 13, September 23, 2024
In calculating net rental income, the facility financial staff shall deduct the rental property costs in items A to C from total rental receipts. The rental property costs must be prorated according to shares of ownership if the property is jointly owned. Money deducted from rental income under items A to C must be excluded as income in the month of receipt and as an asset if the funds are retained after the month of receipt. The retained funds must be placed in a separate account until used for:
A. upkeep and repairs, an annual amount equal to a maximum of two percent of the property's market value or a lesser amount as requested by the person;
B. real estate taxes, premiums for insurance on the property, and mortgage or contract for deed payments, payment of interest and principal; and
C. utilities specified as the owner's responsibility in the rental agreement.
Statutory Authority: MS s 198.003
