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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
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December 9, 2022