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Dic And A House


teejay53
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Question

hi all;

i was asked a question by someone and i can't find the answer online. hopefully you can help me with it.

a lady i was talking to about a week ago asked me this. she gets dic from the va and social security retirement. she has the opportunity to buy 3 cheap houses with a partner (somewhere around $5,000 each) will this make her dic stop or decrease it or change her retirement? the houses are in missouri and she lives in oklahoma.

i am hoping someone can help me with this question so i can share it with her.

thank you for your help.

tj

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  • HadIt.com Elder

This should not effect her DIC or SSA. If she is going to be getting earned income it could decrease her SSA if she is under 70 years old.

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when you say "earned income" ... you mean rental payment or some sort of income from houses? she told me she is only adding her name to the deed as joint tenancy so if her partner dies before her, she can dispose of the properties without his family being involved.

is there a form i can tell her that she needs to do showing she gets no money value from these little houses, only when and if he dies before her?

thank you,

tj

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she is getting social security retirement from her deceased hubby ... she told me.

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  • HadIt.com Elder

If I understand this correcctly, she is spending approx. $15,000 for these houses, total, correct?

She is not "making" any money (at this time), correct?

So, she is not going to be showing any "income" for quite some time, correct?

So, No, it (the house deal) will not affect ANY of her current income.

Now, if she is wise, she will include this expense on a schedule "c" (I believe that is the correct IRS form) of income and expenses, thereby keeping up with her expenses in the case that she needs some deductions to eliminate her having to pay income taxes, and to keep the matter in the open and above board with the IRS. Any monies that are spent on these houses will be a deductible business expense, and she will not have to worry about making a "profit" for quite some time, and then, when she does happen to make a profit, it will have already been "taken care of" from the expenses that she has already taken.

or sumpthin' lak dat!

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hi all;

in answer to the following:

If I understand this correcctly, she is spending approx. $15,000 for these houses, total, correct? only adding her name to the deed to be responsible for little houses when her friend passes away.

She is not "making" any money (at this time), correct? no money what so ever.

So, she is not going to be showing any "income" for quite some time, correct? no income until and if he passes away before her. also if he sells houses before he dies no income from that either.

So, No, it (the house deal) will not affect ANY of her current income.

i really appreciate all your help as will she.

looking forward to your response.

teejay

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hi;

and the money to buy these little houses is her friends, not hers so she has not involvement except adding her name to the deed.

teejay

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