FAA4.D Other Assets (OTAS) : 03 Other Asset Types : D Homestead : .06 Homestead - Proceeds from Sale
.06 Homestead - Proceeds from Sale
 
(10/01/11 - 12/31/11)
When the participant sells or transfers a homestead, the following apply:
 
For CA, give the participant 90 days after the sale of the homestead in which to reinvest the proceeds in another home.
When the participant states that they are not planning to reinvest the proceeds in another home within 90 days, count the proceeds as a resource.
When the participant reinvests any portion of the proceeds in another home within the 90 day period, do not count that portion as a resource. Any remaining proceeds MUST be counted as a resource.
When the proceeds are not reinvested in a new homestead at the end of 90 days, count all cash or resources received from the sale as a resource.
When all or part of the proceeds is invested in properties or resources other than a homestead, count such items as a resource.
When a homestead is transferred to a life estate, count it as real property.
Key the remaining proceeds according to the resource type on the applicable screens.
For NA, count the proceeds from the sale of the homestead when they are received.
Key all proceeds according to the resource type on the applicable screens.