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