ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I hope this is the correct forum for this.
Here is my question for a marries couple:
Normally one's household income is say $150k. If one sells a home for say $1.6m in 2023 that had a cost basis (Purchase price) of $600k, the total capital gain will be $500k. ($1.6m - $500k allowance = $1.1m - $600k cost basis = $500k).
Does that mean that in 2025/2026 their Medicare part B payment going forward would be based on the 2023 Taxable income of $500k + $150k = $650k? The following 2 years will be back to $150k. I think it only affect the year following the capital gain, the following year then goes back to the normal premiums.
Or, is there an exclusion for one time home sales?
Thanks in advance for the responses.
Here is my question for a marries couple:
Normally one's household income is say $150k. If one sells a home for say $1.6m in 2023 that had a cost basis (Purchase price) of $600k, the total capital gain will be $500k. ($1.6m - $500k allowance = $1.1m - $600k cost basis = $500k).
Does that mean that in 2025/2026 their Medicare part B payment going forward would be based on the 2023 Taxable income of $500k + $150k = $650k? The following 2 years will be back to $150k. I think it only affect the year following the capital gain, the following year then goes back to the normal premiums.
Or, is there an exclusion for one time home sales?
Thanks in advance for the responses.
Last edited: