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Hoaw to spend down 200000 casino win w/o loosing benefits,I.

Customer Question
Hoaw to spend down...

Hoaw to spend down 200000 casino win w/o loosing benefits,I. Do I just give ssi receipts for the spend down.

Accountant's Assistant: What state is this in? It matters because laws vary by location.

Al

Accountant's Assistant: What steps have been taken so far?

Cal

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

An I just give ssi receipts for th down nothing has been done

Submitted: 28 days ago.Category: Social Security
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Customer reply replied 28 days ago
Can I spend the $ down on appliances,computer,home stero ,bycle?
Customer reply replied 28 days ago
Haven't reported nothing, win the 20 Th.
Customer reply replied 28 days ago
Where's anwser
Customer reply replied 28 days ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 28 days ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 4 hours by:
3/23/2018
Social Security Expert: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 28 days ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 927
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Social Security Expert: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 28 days ago

Dear Customer,

Gamble win is income and taxable income. You need to inform your social worker and contact SSA information to stop the SSI immediately.

200,000 can last you a long time in comparison to SSI like 750 per month.

Why waste the 200,000 to get or keep 750 per month? Save the money and treasure it in good use.

There is no such thing as "spend down" taxable income. There are people who spend down on medical necessity items of their assets more than the 2,000 or 3,000 threshold amount.

Not to report the income of 200,000 can cause us to be charged as SSI fraud. Don't do it.

If you would like to form a special needs trust for you, it is acceptable. During the same time, you still need to contact SSA to let them know this is happening.

However, you will have no access to the money any more because the beneficiary of the special needs fund will not be allowed to have control over the money. The money cannot be spent for the person's living expenses, etc.

By choice or by law, you are no longer an eligible SSI recipient. Be happy and enjoy it. Safe keep the money. If you can still keep spending patter as when you were under SSI, you can enjoy the money for a long time.

Please feel free to follow up.

Regards,

Fiona

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Dr. Fiona Chen
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 927
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Experience: Former IRS Revenue Agent

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