Legal Question in Social Security Law in Mississippi
ssi 62 year old early retirement
I am receiving ssi early retirement at 62 years old. I have some property I want to sell and I am concerned that I will loose my benefits. I receive 716.00 a month from ssi. I also make about $1,000.00 a month which I am allowed to make. If I sell my property wil I have to pay capital gains tax and also possibly loose my ssi check every month?
1 Answer from Attorneys
Re: ssi 62 year old early retirement
If the property sells for more than it costs you, you will have to pay tax on the gain.
As to the SSI question, a straight forward response cannot be given based on the available information and potential unknowns in case law. 42 USC � 1382b generally describes what you can exclude from your available resources for purposes of qualification.
Relevant regulations are at Title 20, Part 416 of the Code of Federal Regulations.
The Social Security Administration also has provided a simplified general explanation in its web page. Go to "Understanding Supplemental Security Income
SSI Spotlight on Transfers of Resources
blank space2007 Edition" in the Social Security Administration's web site.
If your consideration for the sale is in a "valid" form within the statutory exclusions, the sale proceeds should not be counted towards the $2000 qualification limit.
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