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Monday, March 26, 2007

Seasonal income

Any income that you receive on a cyclical basis.

Here are a few examples of seasonal income:
(1) you’re not a full-time accountant, but you make money preparing income taxes during tax season, from February to April
(2) you work on a farm only during the spring as a strawberry picker. If you can prove that you have received a seasonal income for two years in a row and it is likely to continue, you can cite it as a source of income when applying for a loan to buy a home.
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