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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Does Cryptocurrency Count Towards The $2K Limit For SSI Payments?
Hi, Larry. I've been living on SSI for about 6 years and I've been wanting to get into stocks and bonds recently. I know those are something SSI would count towards my 2K limit in property, though I am curious whether cryptocurrency counts towards it. I have read it does not for SSDI as it is different, but I cannot find an answer on SSI. Thank you.
Hi. Yes, cryptocurrency counts as an asset for purposes of the Supplemental Security Income (SSI) program. Basically, any type of investment that can be turned into cash is a countable resource for SSI purposes, other than a home in which the person lives and one motor vehicle. Unlike Social Security disability benefits, SSI is needs based, and a person can't qualify for SSI payments if they have countable assets in excess of $2000.
Best, Jerry
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June 17, 2022