Ask Larry

Will I Lose My SSI If I Sell My Trailer And Give The Proceeds To Another Person?

If I draw SSI and sold my trailer for $8,500 and gave that $8,500 to another person to buy their house on land contract will I lose my SSI

Hi. Yes, you probably would. The limit on the amount of assets that you can have and still be eligible for Supplemental Security Income (SSI) is $2000. The value of a home in which you live is not counted toward the asset limit, but if you sell your home then the proceeds from the sale do count as an asset unless you use the proceeds to buy a new home to live in. You can't simply give away money in order to stay under the $2000 asset limit. Therefore, if you sold your home and then gave away the proceeds from the sale you'd almost certainly lose your SSI benefits at least for a period of time.

Best, Jerry

Posted: 
Oct 13 2021 - 3:57pm
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