19-20 Asset Form 2025

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An asset is any resource with economic value that offers future benefit. Income refers to money being received, while an asset is money or property already in your possession. The IRS generally taxes income, with exceptions for specific types of tax-exempt income.
The purpose of this form is to provide third party verification of each household members assets. Assets are items of value that may be turned into cash and may include savings accounts, checking accounts, IRA accounts, Certificates of Deposit (CDs), stocks/bonds, and online financial accounts.
Asset verification is a process that financial services use to confirm the existence, ownership, value, and authenticity of a persons or entitys assets. This process is part of financial activities including loan applications, wealth management, and regulatory compliance to manage risks and mitigate fraud.
Asset verification form completed by a financial institution, broker, etc., indicating the current value of the assets and penalties or reasonable costs to be incurred in order to convert non- liquid assets into cash, or the cash value of the asset.
Asset verification acts as a deterrent against potential asset theft or misuse. By confirming the physical existence and location of assets, companies can identify missing or misplaced equipment, reducing the risk of fraudulent activity.
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