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My wife and I are on Medicaid (QMB status) in Florida and…

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My wife and I are...
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: 2 years ago.Category: Finance
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Answered in 11 hours by:
3/15/2016
Financial Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Finance
Satisfied Customers: 3,985
Experience: IRS licensed Enrolled Agent and tax instructor
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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.

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Financial Professional: emc011075, Tax adviser replied 2 years ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today? And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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