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Ask Robin D. Your Own Question

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7252
Experience:  15years with H & R Block. Divisional leader, Instructor
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I am getting disability. If I were to cash in a stock would

Resolved Question:

I am getting disability. If I were to cash in a stock would the capital gains count against or would i lose my disability
Submitted: 9 months ago.
Category: Tax
Expert:  Robin D. replied 9 months ago.

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

If you cash in stock and have a gain from the action that portion would be taxable to you. What sort of disability are you receiving?

Robin D. :

The SSDI program does not put a limit on the amount of assets or unearned income you have (or income that your spouse may earn), unlike the low-income disability program, Supplemental Security Income (SSI).

Robin D. :

While a disabled (nonblind) person applying for or receiving SSDI cannot earn more than $1,040 per month by working, a person collecting SSDI can have any amount of income from investments, interest, or a spouse's income.

Robin D. :

It depends on the payer of your disability but if SS , then you would be fine.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Customer:

Im not sur how to answere that. I was diagnosed with inoperable brain stem tumor. Two yaers ago. Beating the odds. Thank god. Ive been on disability since november of 2011

Robin D. :

I was asking if you were receiving a private payment or SS payments.

Robin D. :

Glad to hear you are beating the odds though.

Customer:

I am recieving SS. IF I were to break it down to a quartley payout would that be any different than a one time payout.

Robin D. :

Let me pull up the SSA info on what is countable and what is not. One sec please..........

Robin D. :

There is no requirement listed that says you must advise SSA of a sale of stock. The sale would not effect your disibility payments.

Robin D. :

The SSA even states the following as not counted for earnings:


Gain or loss from the sale of capital assets, or sale, exchange, or conversion of other property that is not stock in trade nor considered inventory;

Customer:

regardless of how many payments or amounts.

Robin D. :

As long as this is not a trading activity that would be seen as a business then the payments would not be counted.

Customer:

thank you for time and expertise. really need the income but cant risk disability.

Robin D. :

I understand.

Customer:

Thanks again

Robin D. :

You are most welcome.
Your positive rating is always thanks enough.


 

Robin D. :

Do not forget about your possible tax filing and reporting the sale.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7252
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and other Tax Specialists are ready to help you

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