Q: I want to buy a home and rent out part of it, how do I do this lawfully and abide by rules for SSD?
I am interested in being a landlord, or rather buying a home a renting part of it. I also collect social security disability plus work part time. I am only allowed to earn a certain income in total, and with my job I am almost there; but I was told that I could earn passive income at any amount, and this would not count towards that total. How can I make sure that my rental is truly passive? I was told by social security I have to be careful writing a lease and filing my taxes if I am to collect money from renting, well then how can I go about this?
A: Ask them for the brochure and rules. There should be examples that would guide you. Generally, you don't want to be "hands on." You do the repairs, then you are "active." it may be best to hire an agent who handles those aspects--eats in to the possible income but gets you out of a tangle with social security.
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