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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16580
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I am receiving ssdi and i want to sell my home and live in

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I am receiving ssdi and i want to sell my home and live in apartment. I owe my mon 32,000 because she gave me the down payment. i want to use the rest of the profit to help her with new windows in her home and a few 9other things to improve her home and i willl live in apartment which is fine with me my mon is not on the deed of the home i am living in now which is the one i am gong to sell. can i do this and is there a time limit that this to br spent. My steptdad got a settlement when he was alive and they got upset because he paid off his house which is the one my mon lives in now .I do believe i will have to pay capital gains because i hve lived the home i am seling since 2010. so i would like to know if i can use the profit to help her because in the living trust i am able to live in her home when she passes away.

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you today

Megan C :

If you are on SSDI, social security will not care how you spend the money and what you do with the money you get from selling your home.

Megan C :

They will not mind if you give money to your mom.

Megan C :

The only social security benefit that would be impacted by this would be SSI, which is a low income benefit.

Megan C :

But, the sale of your home will not impact your social security benefits at all.

Megan C :

There is no time limit for spending the funds from the sale.

Megan C :

You will owe no capital gains tax if it was your primary residence and your gain is less than $250,000

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