Being on SSD at age 47 I need to sell or rent my home does this effect my income. I work parrtime. rental guid

Question

I need to sell my home but have no equity after raising 2 children alone on SSD. My home I kept in good shape so Can I let my son or daughter just make the exact payment without it effecting my SSD. I am only allowed to make $640.00 Monthly which I finally found a job which allows this, that I can handle with my disablities. Basically HOW does this house effect my SSD I need to move I can no longer afford to live there alone. I believe having my adult child rent it for no gain is a good option Is it????

Answer 1

When you got on disability they should have told you how this works. Read your legal documents. They should state what you are allowed to own, rent, etc. You say you have no equity in the home, so the rental payment would not be income in reality. However, I'm not a legal professional and they might look at it differently.



You didn't specify why you have no equity. I'm assuming you either just bought the home or you had to take a loan out on it. If you just bought it, you could sell it with little or no capital gain. You will need to check with your state to see how that works.

Answer 2

Rent To Own Homes : http://RentToOwnHome.uzaev.com/?WFfB

Answer 3

In the UK you would have to declair it to the tax office as it is classed as taxable income.