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To receive social security supplemental income (SSI), it is…

Customer Question
To receive social security...

To receive social security supplemental income (SSI), it is sated that I can not own property (resource) valued over 6K. I own a house with my brother, which I do not live in (it is valued probably around 75K). I am prepared to sign over the deed to him for no compensation to possibly qualify for SSI. Q's- Does SSI stipulate how long in advance such transfer of part ownership must occur before granting SSI? Are there other issues to be aware of in this intent?

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Mississippi

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 7 months ago.Category: Tax
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10/2/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q1: Does SSI stipulate how long in advance such transfer of part ownership must occur before granting SSI?

A1: In brief, the answer is yes. That time frame is 36 months prior to applying for SSI. SEE BELOW:

-------------------------------

D. Policy — When transfers must be developed

1. Initial claims

It is necessary to ask every SSI applicant whether any resources were transferred since the look-back date which is 36 months before the date of filing for SSI. If resources were transferred since the look-back date, it is necessary to develop the transfer to determine the effect on SSI eligibility. See SI 01150.110C. for a discussion of the look-back date. And, SSA is required to forward information about the transferred resource to the State Medicaid agency unless the SSI claim is being denied. See SI 01150.012 for instructions about notifying the State Medicaid agency.

Q2: Are there other issues to be aware of in this intent?

A2: You can refer to the information located on the resource page for more detailed information relating to potential issues with this intent.

REFERENCE SOURCE:

https://secure.ssa.gov/poms.nsf/lnx/0501150001

If the above information clarifies matters for you, I ask that you please take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is greatly appreciated. Thank you in advance.

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