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TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 13335
Experience:  15+ years in tax preparation and instruction
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We have just sold our home and are looking home we can

Customer Question

We have just sold our home and are looking for a home we can afford. We have $30,000 from the sale of that house. We have 20,000 in savings and have only SS income. My husband gets nets $844/month and I net $1532/month from that SS. My question is do we count that $30,000 from our sale that will go into a house to live in or does it count in the 27,250 in assets to qualify for prescription help. My out of pocket with impart D was $50114.18 last year and his was $753. We are both diabetic and will ot be able to afford our prescriptions and housing without help. Thank you. ***** DeSpain
4870 Air Depot Blvd N, Edmond Ok
73034
[email protected] Com
Submitted: 10 months ago.
Category: Social Security
Expert:  TaxRobin replied 10 months ago.

Hello

The amount you have if in savings is counted against the 27,250 in assets.

Bank accounts, savings, stocks, real estate and other resources that are used to determine if you are eligible for benefits programs, such as Extra Help. Your primary residence and one car are not considered assets. If you are married and live in the same household as your spouse, your assets will be added together to determine eligibility for benefits.

The cash form the sale of your home would count but you can still apply even if you are a little over because of the amount.

Customer: replied 10 months ago.
I thought they would add the $30,000 that was going back as a down payment to a smaller house would be added to the $18,000 in savings. If that is the case, we would be over the $27,250 amount to qualify. We really need help now on the drugs while we are looking for a place. Pardon my typing. My out of pocket drug expense was 5014.18 not counting premiums. Wouldn't they turn me down, because we were holding the money for the house?
Expert:  TaxRobin replied 10 months ago.

They will add that $30k because it is cash it is not a house yet.

They may not turn you down or they may. It depends on how long you have been holding this money and how soon you are replacing your home.