Get Legal Help Today
Secured with SHA-256 Encryption
when I sell my mobile home do I need to report funds to SS being 65 and disabled?
Asked on December 14, 2016 under Real Estate Law, Maine
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
The answer is yes: any *income* (in this context, profit) you make is reported as part of your income. There is NO exemption from reporting income due to age or disability: you could be 110 and only able to blink one eye and not otherwise move, and you still have to report the income you make.
However, the issue is not the sale price: it's (to oversimplify) the profit you make. Say you paid $45k for the home, and have $3k costs of sale--then your profit is only $12k ($60k - $45k - $3k = $12k), which is income which would have to be reported. Depending on how much other income you make, while you have to report the net gain or profit (i.e. the income), it's certainly possible you'd have little or no taxes on it. If you incurred a loss (sold for less than you bought), that loss could even offset other income. Speak to a tax preparer for a more-detailed answer about your specific situation and tax consequences.