Ask Larry

Do I Have To Report The Sale Of My Home?

I just sold my home. I receive SSI and SSI benefits. Do I have to report

Hi. Yes. Selling a home doesn't have any effect on Social Security benefits, but it could have an effect on your Supplemental Security Income (SSI) benefits. SSI is a needs based program, and people receiving SSI can't have more than $2000 in countable assets. A home in which you live does not count toward the asset limit, but proceeds from the sale of a home do count unless the proceeds are used to buy a new home within 3 months of the sale of the former home.

Even if you plan to buy a new home with the proceeds from the sale of your own home, though, you are required to report the transactions to Social Security if you receive SSI benefits.

Best, Jerry

Category: 
Posted: 
Dec 9 2022 - 4:33pm
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