Ask Larry

I am a widower, 62 years old, have 2 homes, and am on disability. I have drawn 20 000 from my 401K for the year 2017 to supplement my 27 000 disability, no other income. I would like to move out of, and sell, the Nevada house (main living house), bought in 2010 for 103 000...likely sell for 190 000. 1) would i pay tax on the profit 2) will it affect my tax status on the disability income 3) would any of this change if i applied the profit against the other mortgage?

Hi,

Social Security is my only area of expertise, so I'm unable to answer tax questions. I can tell you that the sale of a home would not affect your ability to receive Social Security disability benefits, but could affect whether or not your benefits are taxable. For more information on taxation of benefits, refer to Social Security's website: https://www.ssa.gov/planners/taxes.html.

Best, Jerry