As far as it goes with cryptocurrency and ssi benefits. I bought all my crypto with stimulus checks and wonder how things works regard to that. I don't want to lose my ssi check over some assets that were available at the time. Would i be able to give away the assets and be safe? What should i do in this situation?
Hi. SSI is a needs based program, and it's intended for people who don't have sufficient means of supporting themselves. There is a $2000 asset limit for Supplemental Security Income (SSI) eligibility. Some assets are excluded from counting toward that limit (e.g. one motor vehicle, a home in which you live), but the value of any cryptocurrency you own would count against the limit.
You generally can't simply give away assets as a means of qualifying for SSI. If you have more than $2000 in countable assets then you probably aren't eligible for SSI payments. The only way to become eligible again is if you spend down your countable assets to $2000 or less, or if you convert some countable assets to excludable assets.
Best, Jerry