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I will be 61 in 3 months, I am on disability, I would like

Customer Question
to sell one of my...
I will be 61 in 3 months, I am on disability, I would like to sell one of my home rentals, I have 2 rentals and I home , I have no mortgage. I would like to know what type of penalties I would receive, and how much I may loose in disability if I sell I of my rentals for 100 000 dollars.
Submitted: 1 year ago.Category: Social Security
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Answered in 15 minutes by:
12/17/2015
Social Security Expert: Christopher B, Esq., Attorney replied 1 year ago
Christopher B, Esq.
Category: Social Security
Satisfied Customers: 2,983
Experience: associate attorney
Verified

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

The SSI disability program is a need based disability program; therefore like other need based programs it has a resource limit. Resources, of course, means assets. Currently, the resource limit for an individual applying for SSI benefits is two thousand dollars and the couple’s resource limit is three thousand dollars. Note: Countable assets are a factor of eligibility for SSI only. There is no asset limit for SSDI (also known as SSD, or Social Security Disability). Since SSDI does not have asset requirements then selling of the rentals should not incur any penalties and this should not be counted as income.

Social Security considers a countable asset for the SSI disability resource limit to be any of the following:

1. Cash, savings bonds, stocks, or bank accounts;
2. Vehicles;
3. Land;
4. Houses;
5. Life insurance policies with a cash value;
6. Personal property;
7. Any other asset that could be easily converted to cash for food or shelter.

The following are not counted toward the SSI resource limit:

1. The home you live in and the land it is on;
2. Your household goods and personal belongings (i.e. wedding or engagement ring);
3. Life insurance policies with a combined cash value of $1500.00 or less;
4. Grants, scholarships, fellowships, or gifts set aside for education are not counted for nine months after receiving them;
5. One vehicle, regardless of value, if you use it for transportation for you or family;
6. Burial spaces for you or your immediate family;
7. Burial funds set aside for you or your spouse in the amount of $1500.00 or less;
8. Retroactive Social Security disability or SSI disability benefits (including SSI installment payments) are excluded for nine months following their receipt.

Please let me know if you have any further questions and please positively rate my answer if satisfied.

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Social Security Expert: Christopher B, Esq., Attorney replied 1 year ago

I see you reviewed my answer, please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site. There should be smiley faces or numbers from 1-5 next to my answer, an excellent or good rating would be fantastic. I want you to be satisfied so I will continue to answer any questions you may have and I thank you in advance for completing this extra step as it will not cost you any additional money.

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Social Security Expert: Christopher B, Esq., Attorney replied 1 year ago

Any chance for a positive rating?

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Social Security Expert: Christopher B, Esq., Attorney replied 1 year ago

Just checking back in, do you have any further questions?

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Christopher B, Esq.
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2,983
2,983 Satisfied Customers
Experience: associate attorney

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