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Simple English definitions for legal terms
in-kind income
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A quick definition of in-kind income:
In-kind income: Income that is not in the form of money or cash. This can be benefits received from an employer or the government, such as housing subsidies or food assistance. It is often used to help people with basic needs like shelter, utilities, food, or clothing.
A more thorough explanation:
Definition: In-kind income refers to any type of income that is not in the form of money or cash. This can include benefits received from an employer or the government, such as housing subsidies, food assistance, or clothing vouchers.
Examples:
- A family receives food stamps from the government to help pay for groceries.
- An employee receives health insurance benefits from their employer.
- A homeless person receives shelter from a government-funded program.
These examples illustrate how in-kind income can take many different forms. Instead of receiving money directly, individuals or families may receive assistance in the form of food, housing, or other basic needs. This type of income is important to consider when determining an individual's overall financial situation, as it can have a significant impact on their ability to meet their basic needs.