Does The Sale Of Rental Property Affect Medicare Premiums?

Описание: Does The Sale Of Rental Property Affect Medicare Premiums?

Yes, the sale of rental property can significantly affect your Medicare premiums. Medicare Part B and Part D premiums are determined by your Modified Adjusted Gross Income (MAGI). When you sell a rental property, any capital gains realized from that sale are included in your MAGI. A substantial increase in your MAGI can push you into higher income brackets, triggering Income-Related Monthly Adjustment Amounts (IRMAA). If your MAGI exceeds specific thresholds, you will be required to pay a higher premium for both Part B and Part D. It's important to note that the Social Security Administration typically uses your tax return from two years prior to determine your current year's premiums. Therefore, a sale in 2024 would impact your 2026 Medicare premiums. Understanding these tax implications and planning for potential increases in healthcare costs is crucial, and consulting a tax professional or financial advisor is highly recommended to assess your specific situation.

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