Ask Terry Questions Will Selling Home affect SS Benefits or taxes

Will Selling Home affect SS Benefits or taxes

By Terry Savage on April 01, 2024 | Financial Planning / Retirement

Im selling my home and moving into a senior complex. I will have a small amount of profit like 60k. I plan to gift this immediatly after closing. Will this effect my SS payment or will I have to pay taxes? I only have SS income.

Terry Says

You will not have to pay taxes on this small gain. But why did you say you wanted to “gift” this money?? Are you required to spend down to get into this senior housing? To whom are you “gifting” this money? Please think twice about this plan, as I know you will need that “extra” money in the future — for uninsured medical expenses, or other unexpected costs. It’s nice to have savings in the bank!!

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