Search Investopedia

Community Income

Filed Under » , , ,
Dictionary Says

Definition of 'Community Income'

Income earned by taxpayers who live in community property states. Community income is considered to belong equally to both spouses, just as with all other property that is owned or acquired by either spouse during the marriage.
Investopedia Says

Investopedia explains 'Community Income'

Income that is earned by either spouse before or after a marriage is not considered to be community income. Community income is earned in Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin.

Related Definitions

  •

    Community Property

    A U.S. state-level legal distinction of a married individual's assets. Property acquired by either spouse during the course of a marriage is considered community property. For example, ...
    Read More »

  • Personal Property

    A type of property which, in its most general definition, can include any asset other than real estate. The distinguishing factor between personal property and real estate is that ...
    Read More »

  • Income

    Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital. Income is consumed to fuel day-to-day ...
    Read More »

    • Common Law Property

      A system used by most states to determine ownership of property acquired during marriage. In contrast to the community property system, the common law property system states that ...
      Read More »

    • Common Law

      In the United States, a body of unwritten laws based on precedents established by the courts. Common law is used in deciding novel cases where the outcome cannot be determined based on ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions