Can You Own Rental Property While on Social Security Disability?
Some individuals who receive Social Security Disability Insurance (SSDI) benefits may wonder if there is a way for them to receive additional income. In some instances, that additional income may come from owning one or more rental properties.
Determining benefits eligibility in the first place is oftentimes difficult. If you believe you are eligible for SSDI benefits, it is essential that you contact an experienced OC disability benefits attorney right away.
Your lawyer can first determine your eligibility for these benefits, and if necessary, prepare your application materials. Moreover, your attorney can answer all of your legal questions about owning rental property and receiving benefits at the same time. Finally, if an insurance company denies your benefits application, your lawyer may be able to file an appeal on your behalf.
Eligibility for SSDI Benefits
Individuals are typically eligible for SSDI benefits if they suffer a permanent injury or condition that prevents them from performing a substantial gainful activity (SGA). In other words, the condition must prevent an individual from working at any job, or in any capacity.
To prove your eligibility for SSDI benefits, you will need to have a qualified medical provider on board in your case. Furthermore, the provider must be willing to establish in writing, and to a reasonable degree of medical probability, that your long-term condition prevents you from working in any capacity.
Finally, to be eligible for SSDI benefits, you must have worked for a long enough period of time. In other words, you must have contributed enough to the Social Security System by paying into it regularly, via taxes.
No Asset Limits
If you receive SSDI benefits, there is no limitation on the amount of assets you can hold. Moreover, unearned income that you receive, such as from inheritances, cash gifts, or investments, will not affect your ability to collect SSDI payments.
However, it is important to remember that SSDI does maintain limits on the amount of income you may earn, while still qualifying for these benefits. As of the year 2021, a non-blind, disabled worker may only earn a maximum amount of $1,310.00 monthly, while receiving SSDI benefits at the same time. If an individual’s income exceeds this monthly threshold, then the Social Security Administration (SSA) may revoke your benefits, determining that you no longer qualify to receive them.
If you own one or more rental properties while receiving SSDI benefits, you should avoid offering services to your tenants that exceed normal property maintenance. Otherwise, the SSA may believe that you do not suffer a permanent disability that prevents you from working in any capacity – and can revoke your benefits. Instead, it is a good idea to retain a good property manager, or management company, that can competently maintain your property on a regular basis and ensure that you make a profit.
Call a Knowledgeable California Disability Benefits Lawyer
An experienced disability benefits lawyer in Orange County can help you determine your benefits eligibility and prepare the necessary documents to get your claim going. Moreover, your lawyer can answer all of your legal questions and help you to maximize the benefits you recover through the system.