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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14175
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My Brother and I were deeded ownership of our Parents home

Resolved Question:

My Brother and I were deeded ownership of our Parents home in 1994. Mom passed in 1997. Dad passed in March of 2012. My wife receives SSD at $823 monthly while I receive SSI at $263 monthly. We have no other income. Dad bought the house worth $11,000 which He finally owned in 1975. My brother and I will sell the house this year. My Wife and I lived here with my Dad since 1998 and my Brother lived in his own home elsewhere. It has been our, my Wife's and My, primary residence since 1998. The house now appraises for about $50,000. Will my SSI or my Wife's SSD be effected by the capital gains from the sell of this house? Could I or She lose any benefits from this sell?
Submitted: 10 months ago.
Category: Social Security
Expert:  Megan C replied 10 months ago.

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

I'm sorry to hear about the death of your father.

Megan C :

Your wife's social security disability will NOT be impacted by the sale of this house.

Megan C :

However, your SSI will be impacted because your financial resources will go up over $3,000 when you sell the house

Megan C :

Your benefit will be suspended until you spend that money. You can purchase exempt assets such as another primary residence or one vehicle.

Customer:

My birthday is XXXXX 24, 1952, I will turn 62 this Jan. I have been told that I must apply for regular Social Security benefits but my medical will stay under the SSI guidelines until I reach 65 then will go to medicare.

Customer:

Would waiting till I am 62 help?

Megan C :

No, you will stay on social security disability until you are full retirement age and then it will change to retirement automatically

Megan C :

Oh you mean your SSI?

Megan C :

If you get a retirement benefit, then your assets won't matter

Megan C :

so, waiting until you are 62 would make sense

Megan C :

I thought you were on disability and your spouse was on disability

Customer:

She is but I am on SSI

Megan C :

Yes, you would have to apply for retirement to get off of SSI

Customer:

So, I would have to be on Full SSD to not be affected by the Capital Gains tax?

Megan C :

Correct, you would have to be on SSD or regular retirement, not SSI

Customer:

Thanks!

Megan C :

You're welcome

Megan C :

Is there anything else I can assist you with today?

Megan C :

If not, please rate as "excellent" so that I may receive credit for assisting you today

Customer:

No Thanks, XXXXX XXXXX an appointment with an attorney.

Megan C :

Sounds good

Customer:

Bye

Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 14175
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and other Social Security Specialists are ready to help you
Expert:  Megan C replied 10 months ago.
Thanks so much for your positive rating. Please come back and visit me for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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