INCOME INCOME INCOME Question

[Dollar Bill]

Does anyione know if there are somethings that I need to consider as income on my schedules for tha last six months.

I refinanced a house in October '07. Took out 15k, is that considered income?

Got a tax return last month is that income for the purposes of my petition?

I DO NOT WANT TO MISS SOMETHING OR MISINTERPRET SOMETHING AS NOT BEING INCOME WHEN IT REALLY IS.

ANY HELP WOULD BE APPRECIATED.

I assume paystubs and any cash gifts to be income, but I may need to consider some other things.

[debtrelief08]

I just asked a question about what is considered and lrpn was nice enough to give me this
The six full calendar month look-back is to determine your income for the Means Test and Schedules when you file. Calculating your "current median gross income" is mandated by the current bankruptcy law.

Here's what is considered income when you file for bankruptcy:
-Wages, salary, tips, bonuses, overtime, commissions.
-Gross income from the operation of a business, profession or farm.
-Interest, dividends and royalties.
-Rents and other real property income.
-Pension and retirement income.
-Regular contributions to the household expenses of the debtor or the debtor’s dependents, including child or spousal support.
-Unemployment compensation (unless the unemployment compensation received by you or your spouse
was a benefit under the Social Security Act)
-Income from all other sources.

As you can see, pretty much no stone is left unturned.

[Dollar Bill]

Thanks alot. I appreciate that.

I guess things like a cashout refi shouldn't matter. It was more than 6 mos ago, but I wanted to double check.

[soleprop]

so, does selling $440 worth of junk on ebay = Income from all other sources? just want to be sure i don't add that on the pile if i don't have to...

ps sorry to threadjack but it seems related to the original inquiry.

[Dollar Bill]

I would assume so; especially, if the money shows up in your bank account. I wonder if there is a way to account for the COGS?

[soleprop]

yeah, the money deposited into account via paypal over the span of a month (about 15 auctions). i needed to finance car repairs so that's how i did it..i'd like to think this activity falls under converting nonexempt assets into exempt ;).