Minnesota Administrative Rules

9050.0730 DEDUCTIONS FROM RENTAL INCOME.

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

History:

14 SR 2355

Published Electronically:

October 15, 2008