Income in kind

Income in kind, or in-kind income, is income other than money income.[1] It includes many employee benefits and government-provided goods and services, such as toll-free roads, food stamps, public schooling, or socialized medicine.

Types of Income in Kind

  1. Free rent in exchange for caretaking duties.
    1. Note: If the caretaker receives a paycheck with an amount for rent deducted, the gross earnings are earned income, not in-kind income.
  2. Free room and board provided by a friend or relative.
  3. Free clothing or household goods provided by a community organization.
  4. Exchange of services, such as babysitting.

References

  1. ↑ "In-Kind Income: Definition". Answers.com. Retrieved 14 November 2012.


This article is issued from Wikipedia - version of the 10/7/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.