Ask Larry

Will I Lose My Social Security Check Because I Sold My House?

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

Posted: 
Mar 11 2022 - 1:27pm
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