Ask Larry

Do I Need To Report The Sale Of The Home I Inherited From My Parents?

I inherited my family home. I lived there for 1yr with my mom till she passed. Dad passed 2yrs earlier. I lived there for 4 more yrs before selling. I just cldnt afford it any more. The home was all paid for when I got it. Do I have to report it to SSI and SSDI. I get both. And how long do I have to report it. Thank you

Hi,

I'm sorry for your loss. Yes, Supplemental Security Income (SSI) is needs based, so if you receive SSI then you need to report any changes in your assets, such as the sale of a home you own. Whether or not you would continue to be eligible for SSI likely depends on how much you received from the sale and what you do with the proceeds.

Selling your home would not, however, have any effect on your Social Security disability (SSDI) benefits. If SSDI was the only benefit that you were drawing, then Social Security wouldn't need to be informed of the sale of your home. SSDI benefits are not needs based, unlike SSI.

Best, Jerry

Posted: 
Dec 21 2020 - 7:22am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.
$40 Annual Household License
$250 Annual Financial Advisor License