<p>If my family sold a house last year (and obviously this is by no means a "regular occurrence"), do we include that as part of our gross family income for 2007?</p>
<p>My mom says it shouldn't be included because we usually just derive income from her job and my dad's job, and this was a once-in-a-lifetime event, but my dad says it should be included because it fits the description of being "earned income".</p>
<p>So, what is it?</p>
<p>Also, I have a second question:</p>
<p>Do we include "Unemployment Compensation" in the income? It seems like we might not, considering unemployment compensation isn't really "earned" income, but I'd appreciate if someone could clarify. :)</p>
<p>The money from the home is reported as an asset and unemployment is income. Don't worry, it ould kill you at privates but at UC's most aid if you're not poor is loans anyway.</p>
<p>I thought only EOP and fee waiver applicants had to fill in this info on parents income?</p>
<p>What is EOP anyways?</p>
<p>Anyways, my family income isn't particularly high, so I figure if anything it's likely to work to my advantage to include it. :)</p>
<p>Was the the house the primary home? If it was the primary home then I would agree it would not be included as income. If it was a secondary home or or an investment property then I would think the profit on it (sale price less original price and certain costs of selling it) would probably have to be shown as income (just as the profit on the sale of other investments such as stocks would be income). Basically if any profit has to be reported on your tax return (it would probably be reported as a capital gain) then it probably has to be shown as income.</p>
<p>I guess my dad just picked a bad year to sell the house. :(</p>
<p>I was under the impression that they were asking for your parents annual income, not a major one-time cash influx. I think that I'd side with your mother for this situation.</p>
<p>^ Yeah, that's what we were thinking. But their specific terminology is "Family income in 2007". So it's hard to tell. >_<</p>