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emc011075
emc011075, Tax adviser
Category: Finance
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Experience:  IRS licensed Enrolled Agent and tax instructor
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My wife and I are on Medicaid (QMB status) in Florida and

Customer Question

My wife and I are on Medicaid (QMB status) in Florida and will be getting a sum of money (equity) when the sale of our home takes place on March 31,2016. Do we claim this new/increased asset? And will it be considered as "countable" and will we lose QMB status?
Thank you.
Submitted: 8 months ago.
Category: Finance
Expert:  emc011075 replied 8 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, it will be considered a countable resource and you will loose the QBM status unless you purchase a new home or car or other excusable assets. You can also gift it or give it to charity. With some advance arrangements you could keep your QBM uninterrupted. You cannot keep it in cash without loosing your QBM status.

Expert:  emc011075 replied 8 months ago.

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