Skip to main content

What asset in this case for SSI?

Submitted by Anonymous (not verified) on
Forums
Supplemental Security Income (SSI)

If use the micro-investment app Acorns would its value and dividends that count as an asset and income?
Would a prepaid credit card count as an asset? Would Bitcoins count as assets? Do I have to disclose my PayPal or other online payment account whether I have money in it or not?

Bryan

Hi There,
It would be best to disclose all assets you have, as it may be fraud to not disclose them to the SSA on your application.

Fri, 05/06/2016 - 12:40 Permalink
Sang (not verified)

I currently own 2 cars and 1 is financed . 3 total . If I transfer 2 car to my brother and kept the fianced car to myself , will there be a problem for eligibility ?

Tue, 08/16/2016 - 17:45 Permalink
Bryan

Hi Sang,
There may be SSI eligibility issues because transferring the cars to your brother may be considered an attempt to defraud the SSA.

Wed, 08/17/2016 - 14:54 Permalink
Lin (not verified)

I read yesterday, vaguely, about strict rules regarding transfer of ownership of a vehicle if you are intended to be the primary driver. It seems the government is aware of people doing this. Keep in mind that if you have a lien on a vehicle, the lien itself (debt) is reduced from your assets. So it would only count what you've paid into it, I believe.

Mon, 02/27/2017 - 20:55 Permalink
Bryan

Hi Lin,
Regardless of the debt status of the car, the SSA would not count a primary vehicle as an asset for SSI assessment.

Tue, 02/28/2017 - 09:08 Permalink
Stephen (not verified)

I need to get treatment from a doctor to obtain SSI, but I don't want them to get me hooked on drugs again. If I don't fill the prescriptions is there any way for SS to find out?

Fri, 09/30/2016 - 20:05 Permalink
Bryan

Hi Stephen,
I am not aware of any way that the SSA can find out that you did not fill your prescriptions. However, if you do not attempt to treat the condition for which you are applying for benefits, then you may not be eligible for benefits.

Mon, 10/03/2016 - 16:11 Permalink
chris9000 (not verified)

how does holding bitcoin work if you dont cash out and lend it out for 40% over a 298 day period need to know so i dont make a mistake i know there would be capital gains but is holding bitcoin a problem? if you could make get enough loans done the disabled could afford to get off ssi and stop costing tax payers money.

Mon, 12/04/2017 - 11:20 Permalink

Add new comment