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What is the difference between income and assets?

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Produced by Deborah Harris, Massachusetts Law Reform Institute
Reviewed Dceember 2019

In general, income is money that “comes in.” An asset is money or property you already have.106 C.M.R. § 704.110.

Some assets and income do not count. See What assets count? and What income is counted? 

Advocacy Reminder

DTA must treat money either as income or as an asset. It cannot treat money both as income and as an asset in the same month. Some money and property is not counted as income and is also not counted as an asset.

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