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Ohio Laws and Rules
(A) When an exempt resource is exchanged for another exempt resource of equal value, the resulting resource is exempt. When an exempt resource is exchanged for a nonexempt resource of any value, the nonexempt resource is a countable resource.
(B) When an exempt resource is sold, the resulting cash is an exempt resource for six months only if it will be used to purchase an exempt resource.
(C) A payment of disaster assistance, casualty insurance, or other settlement specifically designated to replace a resource lost due to a disaster is considered as a resource in the same manner as the exempt resource for a period of six months. When the individual intends to replace or repair the exempt resource but circumstances beyond his control prevent replacement or repair within a six month period, an extension of up to an additional six months may be granted. Any portion of the payment not used within the applicable period to make the replacement or repair of the item is considered to be a liquid asset subject to the resource limitation of one thousand dollars.
(D) When a nonexempt resource is replaced because of loss due to theft, accident, or disaster, the replacement amount of the replacement item is considered to be a nonexempt resource and is counted toward the one thousand dollar resource limitation.
(E) If a nonexempt resource is exchanged for another resource of the same type and of equal value, the new resource remains nonexempt. If a nonexempt resource is sold, the amount received can be considered as a nonexempt resource only if it is used to purchase the same type of nonexempt resource of equal value within a thirty day period of the sale. Otherwise, the amount received from the sale of the nonexempt resource is considered as income.
HISTORY: Eff 7-15-94; 10-31-97 (Emer.); 1-26-98
Rule promulgated under: RC 111.15.
Rule authorized by: RC 5111.01
Rule amplifies: RC 5111.01
REPLACES RULE 5101:1-3-056
REVIEW DATE: 1/26/03