Ask Larry

Will It Affect My SSI If I Sell My House And Buy Another House?

If I was interested in selling my house that was given to me from my parents and wanted to buy another house to get rid of this property would that affect my SSI

Hi. The value of a home in which you live is normally excluded from counting toward the $2000 resource limit for SSI eligibility. If you sell your home, the proceeds from the sale can be excluded from counting as an available asset provided that you use them to purchase a new home within 3 months of receiving the funds (https://secure.ssa.gov/apps10/poms.nsf/lnx/0501130110). So, the answer to your question would likely depend on how quickly you use the proceeds from the sale of your home to buy a new home. The rules for determining a person's countable assets for SSI purposes are complex, though, so you should discuss your plans with an SSI representative at Social Security in order to get a more personalized answer.

Best, Jerry

Posted: 
May 7 2021 - 11:23am
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