assets/disability (by Tarheel T [NC]) Mar 11, 2018 6:02 AM|
assets/disability (by Richard [MI]) Mar 11, 2018 6:38 AM
assets/disability (by S i d [MO]) Mar 11, 2018 6:43 AM
assets/disability (by LindaJ [NY]) Mar 11, 2018 9:20 AM
assets/disability (by tarheel t [NC]) Mar 11, 2018 10:29 AM
assets/disability (by razorback_tim [AR]) Mar 11, 2018 10:39 AM
assets/disability (by Ray-N-Pa [PA]) Mar 12, 2018 5:20 AM
assets/disability (by Tarheel T [NC]) Posted on: Mar 11, 2018 6:02 AM
If a 64 year old widow who is working a menial job and also receiving monthly disability survivors benefits of $1700,sells her primary residence, and if she nets $10,000 upon the sale ......will the $10,000 received have any effect on her monthly disability survivor's check?
I am trying to work a deal but have had this come up as an obstacle. --71.85.xxx.xx
assets/disability (by Richard [MI]) Posted on: Mar 11, 2018 6:38 AM
What does your tax preparer say?
Not a tax guy myself but I think the gain is likely classified as long term cal gains, not ordinary income. The tax due might be 15 or 20 percent but it depends on all the other income. You really need to ask a tax expert. --96.94.xxx.xx
assets/disability (by S i d [MO]) Posted on: Mar 11, 2018 6:43 AM
Not a tax expert here either, but my understanding of social security income is that EARNED INCOME would impact the benefit, but CAPITAL GAINS or PASSIVE INCOME would not. Different types of income are treated differently, which is hilarious when you think about it, but such is our goofy tax system.
Another vote to seek the advice of someone who KNOWS. A tax pro should be able to answer this question off the top of his/her head, and if you have a relationship with him/her they probably won't charge a penny. If you don't have a relationship with a tax pro, now is a great time to start one! --173.17.xx.xx
assets/disability (by LindaJ [NY]) Posted on: Mar 11, 2018 9:20 AM
Normally there is no tax on the sale of a residence that you have lived in. You have to have lived there for I think 2 of the last 5 years, maybe three. But as long as she is living there and owns it, there should be no federal tax anyway.
Not sure how it affect SS disability. --96.236.xx.xx
assets/disability (by tarheel t [NC]) Posted on: Mar 11, 2018 10:29 AM
tax person said it wouldnt change her benefit --174.195.xxx.xxx
assets/disability (by razorback_tim [AR]) Posted on: Mar 11, 2018 10:39 AM
This is a question for the local social security office. --166.137.xxx.xx
assets/disability (by Ray-N-Pa [PA]) Posted on: Mar 12, 2018 5:20 AM
According to the SSA website, your 121 exchange will not impact your benefits.
You will however need to claim it on your taxes. Providing you made under $250,000 in adjusted gains, you will not have to pay taxes on the gain. --24.101.xxx.xxx