C.F.R. » Title 20 » CHAPTER III—SOCIAL SECURITY ADMINISTRATION › PART 416—SUPPLEMENTAL SECURITY INCOME FOR THE AGED, BLIND, AND DISABLED › Subpart L—Resources and Exclusions

20 C.F.R. § 416.1244

Treatment of proceeds from disposition of resources

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(a) Upon disposition of the resources, the net proceeds to the individual from the sale are considered available to repay that portion of the payments that would not have been made had the disposition occurred at the beginning of the period for which payment was made.

(b) The net proceeds from disposition will normally be the sales price less any encumbrance on the resource and the expenses of sale such as transfer taxes, fees, advertising costs, etc. where, however, a resource has been sold (or otherwise transferred) by an individual to a friend or relative for less than its current market value, the net proceeds will be the current market value less costs of sale and encumbrance.

(c) After deducting any amount necessary to raise the individual's (and spouse's, if any) resources to the applicable limits described in § 416.1205, as of the beginning of the disposition period, the balance of the net proceeds will be used to recover the payments made to the individual (and spouse, if any). Any remaining proceeds are considered liquid resources.

(d) The overpayment to be recovered is equal to the balance of the net proceeds (as described in paragraph (c) of this section) or the total payments made to the individual (and spouse, if any) for the period of disposition, whichever is less.

[40 FR 48915, Oct. 20, 1975, as amended at 50 FR 38982, Sept. 28, 1985]
Notes of Decisions
Cited in 2 cases, 1989–1995 · leading case: Will v. Kizer, 208 Cal. App. 3d 709 (Cal. Ct. App. 1989).
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Will v. Kizer, 208 Cal. App. 3d 709 (Cal. Ct. App. 1989). “( 20 C.F.R. § 416.1244 (1988).)9 8 Those regulations appear as enforceable as final regulations.”
Woods v. Shalala, 884 F. Supp. 156 (D.N.J. 1995). “See 20 C.F.R. § 416.1244 (a). Here, Plaintiff’s net proceeds exceed $16,000.”
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