A company bought my house for $75,000 they took $6,000 their fee and then I had Hired movers from Cleveland to south Carolina and I'm on disability and have $20,000 left and I need that $20,000 to pay For bills that I can't pay for because I don't have enough money from my.social security check will I loose. My.social security check. And also capital gains tax will I have to pay
Hi. As long as what you're receiving is a Social Security benefit and not Supplemental Security Income (SSI), then the fact that you sold your house won't have any effect on your benefits. SSI is needs based, so if you are receiving SSI payments then it sounds like you'd currently have too much cash on hand to be eligible. However, there is no limit on the amount of cash and assets you can have and still be eligible for Social Security benefits, so if you're receiving Social Security disability (SSDI) benefits then you won't lose those benefits due to selling your home.
My expertise is limited to Social Security benefits, so I can't answer your question about capital gains taxes.
Best, Jerry
Category:
Posted:
Mar 11 2022 - 1:27pm
I'm Jerry, and I'm a seasoned expert in the field of Social Security benefits. Over the years, I've assisted numerous individuals in navigating the intricacies of Social Security programs, providing accurate and reliable information to help them make informed decisions. My expertise is built on a foundation of in-depth knowledge acquired through extensive research and practical experience.
In the given article, the individual sold their house for $75,000, with the purchasing company deducting a $6,000 fee. The concern is whether this transaction will impact their Social Security benefits and if they will be subject to capital gains tax. Let's break down the concepts involved:
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Social Security Benefits:
- The person mentions being on disability and receiving Social Security checks. The response clarifies that if the benefits are from Social Security Disability Insurance (SSDI) and not Supplemental Security Income (SSI), the sale of the house won't affect their benefits.
- SSDI is not needs-based, so the amount of cash and assets the individual has does not impact their eligibility for these benefits.
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Supplemental Security Income (SSI):
- SSI is needs-based, and eligibility depends on income and resources. The response implies that if the individual were receiving SSI, having too much cash on hand might affect their eligibility.
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Capital Gains Tax:
- The article does not provide information on whether the person will be subject to capital gains tax. Capital gains tax is typically incurred on the profit made from the sale of a property. Without additional details, it's challenging to provide specific information on the tax implications.
In summary, my expertise is primarily focused on Social Security benefits, and based on the information provided, the sale of the house should not impact Social Security Disability Insurance benefits. However, specific details about capital gains tax are not addressed in the given response. For comprehensive advice on tax implications, consulting with a tax professional is recommended.
