WHat the lawyer says makes no sense: by this logic if you housed your parents in your own home, the full value of that housing (room, board) would be counted as income? No.
Looks like if they get below fair market value housing, it will be considered "free" shelter and their benefits may be reduced by 1/3 http://www.disabilitysecrets.com/resources/supplemental-security-income-ssi/in-kind-income-support-disability-payment
I would simply call SSI and ask what will be the implications of you renting your parents housing below fair market value (or providing it for free even). It's not an unusual situation.
Also note that if you rent below fair market value, you can't count this a rental property for your own tax purposes (i.e. can't expense rent related stuff)
http://www.irs.gov/publications/p527/ch05.html
BTW, I never dealt with this - was just curious enough to google for 5 min.
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timeasmymeasure
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Date: 2015-01-02 02:12 pm (UTC)Looks like if they get below fair market value housing, it will be considered "free" shelter and their benefits may be reduced by 1/3
http://www.disabilitysecrets.com/resources/supplemental-security-income-ssi/in-kind-income-support-disability-payment
I would simply call SSI and ask what will be the implications of you renting your parents housing below fair market value (or providing it for free even). It's not an unusual situation.
Also note that if you rent below fair market value, you can't count this a rental property for your own tax purposes (i.e. can't expense rent related stuff)
http://www.irs.gov/publications/p527/ch05.html
BTW, I never dealt with this - was just curious enough to google for 5 min.