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  1. #1
    Join Date
    Feb 2014
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    Default Is a Boat Considered an Asset for SSI if It's Your Residence

    I am thinking about buying, and living on a small boat. I know that I can't have over $2000 in assets, and that your car, and home are not counted, but am wondering if the boat that I would be living in would be counted as an asset. Any insight would be appreciated.

  2. #2
    Join Date
    Oct 2006
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    16,474

    Default Re: SSI Assets

    Quote Quoting tom98
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    I am thinking about buying, and living on a small boat. I know that I can't have over $2000 in assets, and that your car, and home are not counted, but am wondering if the boat that I would be living in would be counted as an asset. Any insight would be appreciated.
    If its your residence, and your only residence, it should not be counted as an asset.

  3. #3
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    The money to buy it needs to come from somewhere. You might need to prove you are living on it.

  4. #4
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    Quote Quoting Disagreeable
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    The money to buy it needs to come from somewhere. You might need to prove you are living on it.
    Example...the SSI recipient owns a small home and thinks that they could manage life or enjoy life better living on a boat. They sell the house and buy the boat. That is perfectly legal. Another example...the SSI recipient currently rents a room somewhere and receives an inheritance and uses it to buy a residence, no matter what kind of residence they buy. Again, perfectly legal.

  5. #5
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    We can speculate on all kinds of source scenarios. OP could buy it for $50 from a disenchanted soon to be ex, who wants to screw her hubby over on his $1,000,000 yacht also.


    Quote Quoting llworking
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    Example...the SSI recipient owns a small home and thinks that they could manage life or enjoy life better living on a boat. They sell the house and buy the boat. That is perfectly legal. Another example...the SSI recipient currently rents a room somewhere and receives an inheritance and uses it to buy a residence, no matter what kind of residence they buy. Again, perfectly legal.

  6. #6
    Join Date
    Feb 2014
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    Quote Quoting Disagreeable
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    We can speculate on all kinds of source scenarios. OP could buy it for $50 from a disenchanted soon to be ex, who wants to screw her hubby over on his $1,000,000 yacht also.
    I wish, the one im looking at has been abandoned in a marina and is being sold to cover unpaid rent. Its well under 2000, but I think while living on it/fixing it up it could eventually be valued at over 2000.

  7. #7
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    The main thing you need to watch it appears then is exceeding your resource value, before it becomes a residence. Will it be docked at this marina permanently (except for fishing etc )?

  8. #8
    Join Date
    Feb 2014
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    Quote Quoting Disagreeable
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    The main thing you need to watch it appears then is exceeding your resource value, before it becomes a residence. Will it be docked at this marina permanently (except for fishing etc )?
    It will be used as a residence the moment I buy it(if i do). But it will need to be pulled out of the water and cleaned. That will take me about a week, and would need to be a few months after purchase so I can save a bit for paint. Would it not be considered my residence for that week if I have to stay at a hotel, or camp out for that week? The dry dock does not allow people after a certain time at night.

  9. #9
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    Default Re: Is a Boat Considered an Asset for SSI if It's Your Residence

    I would clarify the issue with the SSA beforehand so there is not a surprise judgment on their part afterward.

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