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Senior Member
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Join Date: Jan 2008
Posts: 1,090
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Senior Member
Join Date: Jan 2008
Posts: 1,090
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Quote:
Originally Posted by Janke
WRONG
https://secure.ssa.gov/apps10/poms.nsf/lnx/0501120220
Read B.1 first bullet
However, if he converted the line of credit to actual cash and put the cash in the bank or in his pocket and didn't spend it, it would be a resource the first of the next month. Second bullet.
He was not required to borrow the money but if he did actually borrow it and didn't spend it, it became a resource. The same as selling a house or selling a car - converts from excludable to countable the month following the sale (with some exceptions).
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This is great news!
I will let him know as soon as I see him.
My guess is that there was a simple error and that is why he had to pay it all back.
Thanks for the info!
-Vic
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09-23-2010, 08:08 PM
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