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Lane
Lane, CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 3647
Experience:  I have advised CPAs, Attorneys, individuals and Retirement Plan participants for over 25 years.
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Hi. I receive SSD and do not file for taxes due to the nature

Resolved Question:

Hi. I receive SSD and do not file for taxes due to the nature (and amount) of my income. I receive no additional benifits such as Food Assistance or Subsidized Housing. Q: if my elderly father wants to make me a gift of the house I now rent from him as well as $100, will this somehow compromise my SSD benefit I've been receiving for 10 years?
Submitted: 8 months ago.
Category: Social Security
Expert:  Lane replied 8 months ago.

Lane :

Hi, I can help you with this!

Customer:

Yes, and thank you.

Lane :

No gifts and inheritances,m by law, are excluded from income ... so not only would it not be considered earned income (which COULD affect you taxes and SSDI) it is completely excluded from income, altogether.

Lane :

Here's the tax law on this:

Lane :
(a) General rule.--Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.


26 U.S.C.A. § 102 (West)

Lane :

Also, the lifetime exclusion on gifts and inheritances from GIFT tax is $5,250,000, so there's no gift tax either

Customer:

I assume taxes would apply to the house as well as the financial gift. The only concern is a compromise to my monthly benefit as it is. Am I correct that the former would apply, but that the prior would remain unaffected?

Customer:

I read the rest of your answer

Lane :

So, unless he has given away more than $5 million in his lifetime NO neither is included

Customer:

I beleive I understand that the benefit remains intact?

Lane :

Yes, completely

Lane :

because those items are not considered income

Customer:

Thank you very much. How may I tip you for this service?

Lane :

our positive rating is thanks enough ... you're very welcome

Customer:

Have a nice day.

Lane :

That's how we get credit for the work is a rating of 3 or better

Lane :

You too!

Lane, CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 3647
Experience: I have advised CPAs, Attorneys, individuals and Retirement Plan participants for over 25 years.
Lane and other Social Security Specialists are ready to help you
Expert:  Lane replied 8 months ago.

 

 

 

Thanks Joseph!

 

!Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Thanks again,

Lane

 

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