Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

I am retired ?

Will selling my business affect my social security

4 Answers

Relevance
  • 1 month ago

    No. Your benefits are based on income from work.

    • Login to reply the answers
  • 1 month ago

    No, not at all.

    • Login to reply the answers
  • Judith
    Lv 7
    1 month ago

    SS is only interested in wages or net earnings from self-employment.  Selling your business isn't net earnings from self-employment; it is a capital gain or loss and has nothing to do with earnings from working.  So no, selling your business impacts your monthly SS benefit in no way.

    However it could impact your income taxes.  If half of your social security benefit + other income equals $25K, if single, or $32K, if married then you will have to pay income taxes on a portion of your SS benefits.  It could also impact what you must pay in Medicare Part B premiums.

    I was a SS claims rep for 32 yrs.

    • Login to reply the answers
  • Eva
    Lv 7
    1 month ago

    The net profit from selling your business may affect your social security depending on how much it is and how old you are. It also may affect how much of your social security is taxable.

    • Login to reply the answers
Still have questions? Get your answers by asking now.