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What assets count?

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

You are financially eligible only if your TAFDC household has countable assets of $5,000 or less. 106 C.M.R. § 704.110.

Noncountable Assets

The following items do not count as assets

  • the home you live in,
  • one vehicle used for transportation,
  • household and personal belongings,
  • an asset that you do not have ready access to (such as assets tied up in legal proceedings), unless you transferred the asset during the 12 months before you applied for TAFDC (see How does DTA treat assets you no longer have?).
  • any assets of an SSI recipient, including accounts you have access to that are restricted or dedicated for the use of the SSI recipient (see DTA Transitions, July 2002, p. 2),
  • federal and state earned income credits in the month of receipt and the following month,
  • college savings in a plan under or consistent with section 529 of the federal Internal Revenue Code (see St. 2016, c. 133, §123 (July 1, 2016)), and
  • assets used to produce income, such as a vehicle used for self-employment, (maybe in addition to the primary vehicle).

This is not a complete list of noncountable assets. Check the regulations for a complete list. 106 C.M.R. §§ 704.120, 704.140 DTA Online Guide (Noncountable Assets).

Countable Assets

The following items do count as assets

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