Beware of The HUGE Medicare Penalty for Selling Your Home After 63 😨

[@pamelademaray8555]

Why are senior citizens that sell their house that took them forever to pay for have to pay higher premiums for health care . Nothing like stealing every last dime you have

[@MikeD_]

Or, similar, selling 401K or IRA funds for living shouldn't be factored into Medicare premiums.

[@MsWarriordiva]

And billionaires pay nothing.🤬😡

[@gizzyguzzi]

@@MsWarriordiva billionaires don't use medicare

[@williamivey5296]

​@@MsWarriordiva Billionaires do pay, it just doesn't make much difference to them.

[@lizadivine3785]

@@gizzyguzziBobby Kennedy doesn’t even know what Medicare a b c and d cover. He couldn’t answer correctly or at all when asked during his confirmation hearing. So out of touch. Common people worry about this. Those who are rich or in govt positions do not.

[@Nonsensically]

I’m 62 and I never knew applying for SS & Medicare would be more difficult than 45 years of work.

[@amishpat5201]

Unless you are a special interest group with advocates for concierge service. Double standard.

[@panders55]

It is

[@caseybakker9661]

What kind of work did you do?

[@Nonsensically]

@@caseybakker9661 Computer graphics/layout & design. Enjoyed it immensely. Retired at 60 out of guilt for calling out every other day due to pain from arthritis, bursitis & sciatica.

[@gizzyguzzi]

too bad someone like Trump hasn't been in charge longer. But he can probably fix that too

[@Amy-hs1qe]

I'm going through this now and will be paying close to $1500 a month for my husband and me, all due to a 2023 house sale. The profits went to buying a replacing home, paying lawyers, realtors, capital gains and state taxes. A total government scam - outrageous! This is now our largest monthly expense.

[@elainesorensen5803]

I thought the amount you re-invest within 2 years was not taxed.

[@cherpiette4216]

So sorry to hear about your problem. Even more reason for me to keep my house. My premiums have been going up exponentially each year for the last 3 years.

[@juliahelland6488]

​@@elainesorensen5803 You're correct on not owing federal taxes. She is referring to their Medicare premiums going up due to higher capital gain on the sale of the house.

[@elainesorensen5803]

@@juliahelland6488 Really? You are saying even though it is exempt from the capital gain tax it still counts as regular income for medicare premiums? That is truly a raw deal

[@goddessfly]

If you sale and buy. Home that is about same price then no gains I would think like assessments and fixing it brings home up in price but needed to buy a better home bigger so how can you make more if it’s reinvested in a home

[@zeke5491]

Getting old in America is tricky. The government wants every dime you ever made if you go into a nursing home. Stay healthy

[@susanmarich5487]

Thank goodness they can't turn you away if you are poor as was the case with my mom.

[@maureenreagan7677]

Stay healthy? That’s a sick joke. Everything the bastards do, make and/or sell is designed to make you SICK.

[@108doublestitches]

No not true. Not the gubment. The Democrats want every dime you make.

[@StizelSwik]

I won't allow anyone to put me into one of them... Don't trust any of them! look at what happened to all those seniors in New York!!!

[@ronnie1638]

Nursing homes are not your friends

[@drakbar5957]

Section 121 was passed into law in 1997. The capital gains exemption ($250k/500k) has remained exactly the same for 28 years. Not right. Congress needs to raise the exemptions to reflect increased real estate values compared to 1997.

[@MR..181]

Everthing made since 97..

[@rusureuwant2know44]

Similar to what they do with the property tax exemption ceiling. Has not been raised in 45 years. Last year they didn't raise the income allowance either so it's a double whammy. People who are 100% exempt for 100% of their property taxes have to pay for anything over the ceiling which again, has not been changed in 45 years. They also don't raise the poverty line by the same amount as inflation for the COLA, so people who are receiving benefits like food stamps can lose the entire COLA and because they cheat on the income allowance, they'll pay more for a Medicare premium. It's not right. They need to raise the poverty line by the same amount to keep the government from stealing the COLA right back.

[@myobmyob2215]

Min wage, poverty line, property tax exemptions are completely outdated by decades and are used across all states with massive cost of living differences. Who's been in charge of not updating massive economic rules? How long have they been dead?

[@damiangrouse4564]

better yet, eliminate capital gains tax on non commercial properties.

[@amishpat5201]

The system is designed to hand your home over to Blackrock and Berkshire Hathaway? Just asking.

[@rickarmstrong3944]

Another thing worth noting is not only can you deduct things like realtor fees, closing costs, you should always keep receipts for things like landscaping, kitchen & bathroom improvements, etc all of which can be deducted from the total capital gains on the sale of the house.

[@TheCalimama]

Landscaping? Really? I thought it's just major improvements like roof, kitchen, bathroom... if you reply, thank you in advance!

[@rickarmstrong3944]

@@TheCalimama Yes, landscaping counts as home improvements, but of course if you just plant a daisy it won't help much, lol.

[@thinkingoutloud6741]

Capital gains tax is thievery and fraud. The long term increase in value of goods includes inflation. That is not a “real” gain. In fact, it is an increase subject to, even controlled by the government. To tax us on an increase that is only on paper is unconscionable. If there is going to be a capital gains tax, the calculation should include an adjustment for real inflation for that class of property.

[@guitargod6997]

That is why the wealth of the five richest US billionaires has exploded while we "peons" get taken to the woodshed. Corruption and theft are the themes in DC.

[@robertstout6980]

It's worse than that. IF you had capital gains from selling your house, you could buy the similar house of equal value next door and have your "profits" left over. But you can't, ALL the home prices rose, so you're actually being taxed for housing inflation, a completely legalized theft from homeowners. Rest assured, the thieves who wrote that tax provision knew EXACTLY what they were doing and that it was all a lie.

[@stanleykijek6983]

Unfortunately, the evil government(s) don't see it that way.

[@suen5006]

If you sell it's not longer just on paper.

[@rusureuwant2know44]

*It's why I say there's no such thing as "equity" - it's not equity, it's inflation.*

[@jennylittle6852]

I just started on Medicare in Oct 2024 and my husband passed less than a month later. I am supposed to be getting 50K from a life insurance policy in the next couple of months. Will that be added to my income ? Also I was wanting to use that 50k to pay off my house and move. We have acreage and it's too much for me to handle alone. Will whatever I get extra on my home be counted as income also? I have to say Medicare is NOT the " end all to beat all" that people think it is. It's been nothing but a huge hassle and I'm paying just as much for it as I was when I was under my husband's group insurance policy. No advantage for me whatsoever!

[@DaleKoenig-vf2uk]

Life insurance is not taxable. Talk to A CPA.

[@David-nx2vm]

You get a $500k exclusion for the gain on the sale of your primary residence. Not selling price but the gain. If you bought the house for $100k and sold it for $300k, your gain is $200k. A non taxable event, so it doesn’t affect MAGI and invisible to Medicare premium-setters. This does not apply to second homes or investment property. You will pay capital gains tax on the entire gain and it will affect MAGI and bump your premium if you cross a threshold

[@rrustici3199]

Thank You 😊

[@captainkrunch6372]

You could make a second home primary residence for 2 years to make it qualify. 😊

[@rusureuwant2know44]

Let's hope they raise that exclusion soon, because at the rate they're assessing houses for higher values, we're all going to "cross over" in the next few years. What sells for $100,000 these days is crazy.

[@charlesyoung7436]

The $500,000 home sale tax exclusion is for a married couple. It's $250,000 for a sole owner.

[@michaelkorf1411]

This is correct sir, thanks for correcting the speaker. The majority of Americans are in good shape.

[@lynetteraab3107]

I'm licensed to sell Medicare plans myself, and I've never taken any courses for licensing or CE credits that explained things as well as you have in this short video!

[@MedicareSchool]

We're glad that we can help!

[@theresa6465]

Thank you so much for this video. I’m 65 and was considering downsizing. It’s given me information that could save me so much money!

[@MedicareSchool]

Glad it was helpful!

[@marye.graybill2332]

What about selling a long term farm investment with high capital gains, and you are a low income senior making less than $15,000?

[@movinngroovin2104]

We cab live in our home for two years in TN you don't pay capital gains medicare has nothing to do with it.

[@seeingyouontube]

What bothers me about capital gains on a home is that it is not adjusted for inflation. Homes cost more due to inflation!

[@cervezabug2548]

Its called the "Deep State". In my work I actually risk my life to earn income. Those government employees who pretend to work in unnecessary jobs want me to pay taxes for them? They are worse than the homeless who refuse to work and beg for money. These bureaucrats think they earn their income by sitting in a chair and telling everyone else how to live. Pitiful and sad bums all of them. Inflation controlled by the Federal Reserve makes this huge Ponzi scheme run.

[@rusureuwant2know44]

Same thing with property tax exemptions. The ceiling hasn't been raised here in 45 years. People who are 100% exempt from paying 100% of their property taxes have to pay anything over the ceiling. They also failed to raise the income allowance in the last 2(?) years, so many now have 15% of that $1000 to pay too. They gave us a tax break in the assessor's office but it was smoke and mirrors because they still haven't fixed the problem in the treasurer's office.

[@skeezix8156]

@@rusureuwant2know44Seattle recently raised the household income to $52k a year to qualify for a senior discount. The discount amount isn’t disclosed on the site but from what I’ve heard isn’t much. Besides that no household with a combined income that low is living in Seattle, the single median is listed at $76k which you’re barely getting by.

[@dlukton]

The same issue applies with the sale of most assets (stocks, gold, artwork, etc); the gains are "phantom"; and the higher the inflation rate, the greater the phantom gains will be.

[@maggiegarber246]

Or the fact that I had to pay over $100,000 to buy my $45,000 house. My CG would be based on the sale price instead of my actual expenditure ( i.e. loan payments ) to buy said $45, 000 house.

[@CC-kl4nh]

Society is predatory towards the elderly! Elderly folk need to be protected at all cost!

[@michellerahn]

Government is predatory to all of us…

[@SteveSonoga]

In this country, every person is under attack daily by some kind of scam trying to take their hard-earned money from them. It's everywhere.

[@DM-zq8qy]

Or should the old protect the children and young parents? I tend to care more about my grandchildren and would like to avoid leaving them with $250,000 of my debt.😢

[@elainechang824]

I am still paying school tax .American education system is not working Parents pay school tax for their children .they will involve in school curriculum and courses. Free stuff make people lazy and complain

[@user-bc6ok1yh4s]

Not so much society, but governmental and political policy.

[@JaredMerlin]

Why don't they leave the elderly people alone?! Seriously?! OLD PEOPLE! People with disabilities, diseases, medical problems. WTF is wrong with this country?! I can't wait to leave America for good.

[@dewboy910]

And then when you expatriate from America, they will charge you an expatriation tax! lol. You can't make this shit up if you try! TAX, TAX, TAX, And TAX more, more, more! The MAFIA NEVER WENT AWAY! It just took over our government!

[@seeingyouontube]

I’m planning now!

[@organizstylist7732]

I am a French citizen and won’t be here either. Not planning on letting for profit healthcare suck all the assets I have dry so Medicare or Medicaid can then come after my kids inheritance.

[@genericdude6551]

I'm not sure but the guy was insinuating that you won't get the exclusion for being an expatriot. I'll have to look into that because I was considering moving to Costa Rica.

[@Nonsensically]

Well, someone must pay for the lazy & irresponsible.

[@bayareagrl4ever526]

They should just give us the $500,000 whether married or not. Why should a single person constantly get screwed over by the gov.

[@shanechostetler9997]

Because the representatives spend more time thinking of how creative they can be in taxing you .

[@daddytheman9957]

Excellent video, very informative. I am 61 thinking about selling our home in the next few years and had no idea about any of this. Thank you for the information, it gives me heads up so I can plan better and be prepared.

[@MedicareSchool]

Glad it was helpful!

[@oveidasinclair982]

I had three clients just this year who sold their homes and got hammered with Medicare B premiums. I also have one client couple who were on Medicaid who sold their home and lost Medicaid eligibility.

[@wesleyhelm7208]

The USA needs Universal Health Care.. .. My wife and I pay over $800 a month just for our medical insurance. Blue Cross Fed. She is 53. I soon turn 64. We the people of the US are overtaxed, and our medical insurance is highway rubberier ...

[@mypphh97]

You don’t want universal healthcare. It’s not what people tell it is. Having issues getting an appointment now? Wait till “free” and you will never gat an appointed or a procedure done. I came from a country that has universal healthcare. The government is horrible running anything. Hang in there, you almost make it to Medicare.

[@jrstf]

Medicare A and B cost me, one person, $538 a month. $800 for two sounds cheap. Americans are among the unhealthiest persons in the world, as demonstrated by the covid-19 deaths. Would you not expect our health care costs to be higher when we are less healthy? This is why there is so much optimism over RFK Jr and MAHA. Spreading the cost to the young by forcing universal health care on everybody doesn't make it cheaper, just forces the young pay for their parents and grandparents generations even though they don't yet have the income to afford it. We watched in Canada where the government fussed so much about stopping the spread so hospital capacity would not be exceeded. Yet, for all the humans rights they tread on and all the money they spent, Canada did not add a single bed to their health care system. That is government health care in a nutshell, not at all responsive to needs.

[@smileyone1612]

Just save that $800 a month & pay your own medical bills. Heal yourselves.

[@seandalai3413]

@@mypphh97Every country in the world with a stable govt and economy has universal health care. They pay far less than we do for everything.. it’s not hard to do. Canada’s problems aren’t the same as the UK’s, and France does a better job than both.. there are a number of different ways to provide universal care. You don’t have to follow anyone else’s. Biden gave Medicare the power to argue down prices it has to pay for drugs, but Trump took that away. If you have less govt, then you have larger corporations. Less regulation means more price gouging. I know a lot of people who are happier with Medigap than Medicare. I’m looking into switching, since I’m spending quite a bit on my “advantage” plan, myself. $400 a month is indeed a bargain.

[@Monipenny1000]

My insurance is $899 a month, just for myself. My husband is on Medicare and we pay for a supplemental policy for him too.

[@michaelpatterson-jm8nq]

Yes you must be penalized for doing good, you must give up that extra money because its not fair to poor people, what an insane country we live in

[@clintonbubb3187]

You just summarized the entire Class Warfare approach of the the Left in this country. Nothing like a little good old fashioned envy to motive the masses 🙂

[@abigailpmm1182]

It's not poor people 's fault. You might be angry at the wrong people.

[@stevenschmidt12]

​@@abigailpmm1182 not exactly what they meant. That's a Democrat thing. Cmon man! You've got so much and they have so little.

[@johnnieccrn6187]

You mean pay their share of taxes, like other people do?

[@StripedTurkey]

Yes it’s really not fair to rich people who don’t pay their fair share, remember Trump was viewed as a hero because he never paid taxes!

[@leon21th64]

The best video about Medicare and Tax on the internet. Many thanks

[@terryhutchings7701]

I was beating myself up for taking out a reverse mortgage a few years ago to make improvements on my paid for home. I realize now that having to repay that reverse mortgage when I sold my home a year ago, got me in just under the capital gains threshold. So I actually did the right thing, enjoyed the improvements I made until I was ready to downsize. Still ended up with plenty of cash to be comfortable and avoided an increase in Medicare premiums. Not promoting reverse mortgages, but for me it worked out.

[@suethomas8394]

Your reverse mortgage caused the cost basis of your home to increase, which is why you qualified under the capital gains exclusion. It had nothing to do with the mortgage you owned. That never comes in to play in determining the gain or loss from the sale of a home.

[@flipdiva0007]

Reverse mortgages are an absolute blessing for many seniors with a lot of equity. The tax savings alone are worth it.

[@DoItMyselfPeg]

Excellent video. I learned a lot and now know how to configure selling my house to avoid this rate hike in Medicare premiums. Marvin for the win!

[@MedicareSchool]

Our pleasure!

[@handimanjay6642]

The wife and I both served 20 years in the military and for 25 years paid $350-$450 a year for TriCare Prime healthcare. At 65 we had to drop that and get TriCare for life free but combined now pay $350 a month for part B. Thanks Uncle Sam.

[@vickimerritt2832]

Ditto

[@SusieQ450]

You pay yearly property taxes on the increased value of the home to your county, then if you sell ,the gain is taxed and paid to the federal government and also the state plus pay a real estate commission, closing attorney and other fees and if you still have a bit extra after the exclusion if you qualify you have to pay the government some more money called IRMMA. Seniors sure can have it tough.

[@bakokat6982]

Yes, so that senior gets royally screwed at a time in their lives when they may have to use the proceeds from the sell of their home to pay for care in a nursing home. Or perhaps they would like to leave some money to their children. Most parents who worked hard all their lives want to leave something to their kids.

[@wilmachaffin8517]

That's america? Sad.

[@gulliver3644]

Makes this 78 year old widower wanting to sell “our home “ we worked so hard to pay off and buy a camper and park and sleep in Walmart parking lots.

[@rusureuwant2know44]

And meanwhile, your insurance company is also making a bundle. Have bad weather go through the state? They raise all our policies. But they'll do it because of the fires in LA as well. I was told because we had bad weather "in our area" - which is nuts. It's not like you're driving your house down the road and can avoid it. You can't pick up your house and move out of the way. If you own your house outright, you can choose not to have house insurance or carry less - but if you're still paying for it, you're required to have it. I'd like to move to a cave and avoid the tornadoes and fires. Earthquakes might still be problematic....🤔🤔🤔

[@chuckweatherstone9344]

The name of the game is "You Lose"

[@samruda23]

This is a particularly important and well done video. A big thanks for packing in a large amount of info. The reference to IRS 523 was equally valuable. I will turn 62 this year but I can say that this info was factored into my home sale timing. I would just add 2 additional points. If you rented your home you will have to factor into your cost basis something called "depreciation recapture" (lowers the basis and thus increases your capital gain) . There is also the net investment tax that is a provision of the Affordable Care Tax. Investment income over certain thresholds will add several points to the long term capital gain rate. I think it's 3.8%. A lot of moving parts as they say.

[@sudahiawad4498]

Great information! Just in the nick of time too. Looks like I’ll be selling my home this year in order to fully qualify for the exclusion. Thank you so much!

[@wwndisguiseoklahoma6887]

Thank you so much! Husband retiring at end of year and there is so much to know. Thought about downsizing, but maybe not. Ugh...

[@MedicareSchool]

Glad it was helpful!

[@cervezabug2548]

I am in my Mid 80's and have Medicare parts A and B. I have never used my Medicare card and don't know why I need it. I don't drink, smoke or use drugs so I am in good health. I have worked since the Mid 1950's but only receive $200 or so a month Social Security benefits. Why should I be concerned with Medicare? I pay cash for an annual exam and have no prescriptions. I wear glasses that I also paid cash for. I stopped all active work about 15 years ago. I live off my savings and have zero investments. In this way so-called "Financial Advisors" ( actually commissioned salesmen) can not rip me off. Every page describing legal investments always has a disclaimer that past results can not predict future results. I forgot I own my own house that I built and have no debts other than property taxes. My income is not high enough to tax.

[@chiplangowski3298]

It sounds like you were born on 3rd base and were walked to home base but tell everyone that you hit a home run. Especially since in the comment below this one you talk about the $1.4M house you inherited. Not everyone was born as fortunate as you with their health or their finances.

[@thomasbruner854]

How is it you only receive 200/mo in social security ?

[@abigailpmm1182]

By lying.

[@cervezabug2548]

@ No inheritance. Inheritance is also taxed.

[@cervezabug2548]

@ I usually work days, weeks or a few months. If I do not feel that my work contributes to the firm I resign. Many small businesses collect FICA taxes but do not report or file them. Those people are dead so what will Social Security do? Chase ghosts? It had no effect on me. The benefits I receive are a joke and are an example of how corrupt the government can be.. There are citizens of other countries in the USA who qualify to receive benefits even though they never worked a day in the USA. Neighbors of mine bragged about it. I met one lady who confided that three generations of her family were on various government benefit scams. All of this legally!. Her concourse de elegance 1956 Cadillac Seville is beautiful but has no market value to the government since it is so "old",

[@davepaturno4290]

Another thing that many people don't realize (but was explained in this video) is that your medicare cost for part B is based upon your income from 2 years prior (to age 65). That's why I retired at age 63, not 65. I did not start collecting SS until 66, but because my income dropped significantly at 63, my Medicare payments at age 65 were and still are at the minimum.

[@suemorris6336]

It happened to me. Doubled my Medicare for me and my husband for one year. Plus 23,000 in income taxes. While Billionaires pay 750.00 a year. Go figure.

[@MsWarriordiva]

It's ridiculous.

[@StripedTurkey]

Come on, don’t fret we’re living in a MAGA world, just waiting on the start of Nirvana, 😂 🤦‍♂️

[@roadking9680]

@@StripedTurkey stop rejecting reality and substituting your own

[@sw6118]

Look no further than President Musk and Vice President trump and the trump sycophants.

[@skeezix8156]

@@StripedTurkeyI’m not a Dem or Republican but haven’t seen anything this new administration do that goes against Americans. It’s early but things are happening so fast it’s hard to keep up. The last administration was a horror show.

[@RetrieverTrainingAlone]

For a married couple filing jointly, as long as the capital gains is less than $500,00 and the home has been lived in 2 of the 5 years, the sale is not reported to the IRS by the realtor or the couple when they file. So not part of Modified Adjusted Gross Income.

[@acousticmikeb8119]

Excellent info. My accountant has been directing us for years as we own multiple homes. But this is much clearer. Thank you

[@MedicareSchool]

Glad it was helpful!

[@benedictahizon6536]

You explained it very well! Thank you very much!

[@MedicareSchool]

It is our pleasure!

[@MikeHammer1]

I believe that if you buy another home within two years for a primary residence you can also exclude the gains.

[@-Cheris13]

What if they are having to sell their home to cover end of life care for assisted living or nursing home or because they can’t afford the taxes or insurance on it anymore due to fixed income? Just because you have to sell something doesn’t mean you are suddenly richer than you were 😠 especially with our elderly. This crap needs to change. My 85yo parents are certainly not living large!!

[@cervezabug2548]

You can donate the property to the state government who may take care of the old timer until death. The property can be sold by the state later for a profit or the equity left in the property. Look up State conservator" in your state. You don't have to pay state or county property taxes if the state owns the property. In the USA as long as their are no alloidial property taxes, no humans actually ever really ":own" real estate. The state will tax you for hundreds of years. Ownership?

[@independent-ts6ys]

People should not have sell their home when they have to go into assisted living! Their families should be able to get that property LIKE RICH FAMILIES DO.

[@nancyevans5176]

Finally some really great info on how to get and understand my 250k 121 exclusion. You did good. Thank you. Don’t have to wonder and keep searching only to hear abstract info that doesn’t clear up my questions with any confidence.

[@MedicareSchool]

Thanks for watching!

[@dusttodust4295]

Thank you.

[@MedicareSchool]

You're welcome!

[@Mike7734-r2g]

Government nonsense, pure and simple.

[@bettycaldwell9713]

This is awful elderly should not have to pay taxes of anything

[@billieann01]

If I make more money for just 1 year and my Medicare premium goes up.... how long does it stay up when I go back to regular earnings that are within the income allowance? Do the premiums go up and down according to YEARLY earnings? I hope I asked this correctly... Thank you for any input.

[@teresaalbin-davis4529]

Yes, based on yearly so just a one year bump

[@billieann01]

@@teresaalbin-davis4529 Thank you so much !

[@armyveterano9388]

Thank you so much, I been waiting for this information. Sincerely a Concern Senior. ❤

[@MedicareSchool]

You are so welcome

[@yolandaarenas6492]

Free Book 📖, Thank you so much for your Help

[@gordon-1]

"The passage of the 1997 law allows an excludable gain of $250,000 per taxpayer or $500,000 on a joint return filed by a married couple." With inflation, that should be about $500,00 and $1,000,000 respectively today.

[@DanV-g7i]

Marvin, you're the best! Than you so very much for bringing this to our attention. My wife and I are exactly at the point where this info is invaluable! 😊

[@MedicareSchool]

Glad to help!

[@panders55]

Not only selling your homes, what you draw monthly on you pension plans affect the price too.

[@JACKPAVAL]

Geeze. This guy is the Best in the business !

[@tomsmith2013]

If you are single with no heirs, buying a house is the WORST investment you can ever make.

[@JeannePeters-v7g]

🌻my situation 71 yo single woman with no heirs, in good health brought my condo in 2002 for 105,000 it is now worth 250,000 please help me understand why this is bad investment for me thanks much

[@JeannePeters-v7g]

more data Still owe $22,000 and have interest rate of 4.151%

[@dewboy910]

I always said my stepfather spent way too much on their house. Now I'm glad he did! After deducting what he spent on it, there won't be a dime of taxable profits! lol. Hell, my mom might even be able to show a loss when when we sell her house. I just dread getting all the records together!

[@pennywendt9764]

What about if you worked on your home and have receipts for all of the upgrades? Should that lower the capital gains as well?

[@danreed1364]

Very thorough and clear explanation of IRMAA and capital gains calculations.

[@MedicareSchool]

Glad that we can help!

[@mikem820]

Thank you Ronnie Reagan

[@timewa851]

Ronnie's friends actually had to buy him a ranch after his presidency. He was B R O K E.

[@roadking9680]

with the help of senator Joe Biden and other DEMS who pasted the bill it has always been both side that scews us wake up

[@Kevin-Tice]

You can thank Reagan for the 1986 tax act; the 1997 home sale exclusion was under George W Bush

[@roadking9680]

@@Kevin-Tice with help of the Dems who past the those bills

[@peterbarron6488]

Terrifically helpful Marvin thank you!!!

[@MedicareSchool]

Glad it was helpful!

[@BrittMFH]

Thank you, very helpful.

[@MedicareSchool]

Glad it was helpful!

[@paulkohanski9545]

Thank you for the excellent presentation. If a single person retires and then marries shortly after they retire, will they be considered married or single for the two year income look back? Thank you again.

[@MedicareSchool]

That depends on how your taxes are filed single or jointly

[@casper3130]

If you owned the home for 5 years and lived in it for the past 2 years as a permanent address and sell your house you don't have to claim the income you make as capitol gains.

[@4af]

Excellent presentation. An excellent teacher.

[@MedicareSchool]

Thank you kindly!

[@HildaCV]

you are the best! Thanks for explaining so well.

[@MedicareSchool]

You are so welcome!

[@lifeunderthesun3395]

You are a great teacher!

[@stephenstone5700]

What if you roll over the sale of your house into another house? Does it count yet?

[@tk4c415]

no

[@pamelaw5758]

Interesting. Selling a house in your 40's or 50's and purchasing a new home is not permitted in your 60's? ​@tk4c415

[@VivecaV2020]

@@tk4c415 so if you turn around and buy a house that’s more expensive than the previous house but you still make about $75,000 profit will be your Medicare still bump up? And that’s for a couple that file jointly.

[@antoniorengifo1447]

Excellent and Relevant Thanks!!

[@mariastreit6815]

Excellent explanation! Thanks, Marvin.

[@MedicareSchool]

Glad you enjoyed it!

[@Charlies1970TA]

Fantastic job delivering this important information. Thank you!

[@MedicareSchool]

Glad you enjoyed it!

[@alf8710]

My question is, does that increase only affect the year your MAGI hits that income level and then the following year the premium goes back down or does it stay at the higher amount?

[@rhosk]

From my understanding, it goes back down.

[@craigkelley4301]

Good stuff. I wish I had that problem

[@sallywilkerson3451]

How long will the medicare premiums be increased?.

[@gailsheffield5535]

I believe just for 1 year.

[@MikeD_]

I'm guessing it would be for one year.

[@MedicareSchool]

The look back period for IRMAA is 2 years. So they review income annually for any changes!

[@diannebass1051]

If you sell and are left with a massive profit in your pocket if you sell and buy another house that covers most of that no they can’t run your Medicare up because then it’s not considered a profit! But Medicare can’t take away what is needed for your home that you’re going to live in and know the words if you sell to to buy a new home and you can’t have to pay Medicare it cost you your new home. It is at the property. You sell your house and you just pocket the money.! That is the whole poor in the poor house and keep them beat down so there’s no way that they can get up!!

[@leelastoma5809]

Can you explain this in better English. I'm confused by your wording . Thx

[@ExtraordinaryLiving]

Is inheritance [received from deceased parent] considered income in the MAGI calculation?

[@fastmz3]

No.

[@VM-123]

The inheritance is not, but if you invested it, whatever interest you earned on it is included

[@ExtraordinaryLiving]

Glad to know ... Thank you all for your answers!

[@elainesorensen5803]

Look it up. A certain amount may be exempt but not 100% if it is over a certain amount

[@rfishing6342]

Happened to my mom. Bought a house for 14 thousand. Dad passed 6 years later. Worked till 65 never remarried. Sold the house at 86 paid 40 grand taxes and increased medicare 180 dollars a month for the next year. Total screw job.

[@williamwilson6499]

I have Part A only. My Federal Employee Health Benefit (FEHB) followed me into retirement, so I did not apply for Part B. Great video. You presented the information clearly and succinctly.

[@MedicareSchool]

Thank you!

[@cervezabug2548]

AN IDEA? Look at the highest rank or pay level you had on the day you retired. Do you think you can live ONLY on that "pension" in another 30 years? These "benefits" are designed wit the expectation you will die about 13 years after you retire. You won;t be able to buy an apple if you live 30-40 more years because any COLA you get will NEVER compensate for real inflation. You will be split roasted from each end. They want you to die early so they won't have to pay you what they promised you for "retirement".

[@KW-qd9vq]

Fantastic! So helpful. Thank you.

[@MedicareSchool]

Glad it was helpful!

[@susanbruce1819]

Increase how much you pay for how long? Just that year or going forward?

[@JD-ir2sb]

Your IRMAA is based on income two years prior. If after the capital gain year your income falls back below the IRMAA threshold then you’ll go back to the regular required premium for part A/B/D .

[@mikecorpus1267]

@@JD-ir2sb Thank you. That is good news.

[@gailsheffield5535]

I think the house has to sell over 250,000 the original bought price before the tax comes in.

[@RomeoEdward]

Excellent presentation that anyone can understand. Thank you!

[@MedicareSchool]

You're very welcome!

[@ffblk6543]

don't forget the state taxes ! double taxed on capital gains....ugh

[@artoanoush9239]

EXCELLENT.

[@rpd4278]

What if... my home is now owned by my Revocable Trust? Will I still be claiming the capital gain?

[@bonzer2u]

Yes, aren’t you the trustee….?

[@avidavid9237]

According to Grok: If your home is in a revocable trust, for tax purposes, the property is generally considered to still be owned by you, the grantor. Thus, when you sell the home, you would report the capital gains on your personal tax return. You could potentially benefit from the IRS Section 121 exclusion, which allows you to exclude up to $250,000 ($500,000 if married filing jointly) of capital gains if you've lived in and owned the home for at least two out of the last five years before the sale. This exclusion applies as if you were selling the home directly, not through the trust.

[@bigd3104]

Note to self: Do not sell home until after I retire. Just to be on the safe side!!

[@bikeny]

Doesn't matter, since the medicare premiums and the IRMAA amount are adjusted every year. If you sell and you are say 67 when you do so, then when the medicare premiums are calculated 2 years later, they are going to look back 2 years and if you have a large enough capital gains even after the $250,000 exclusion, then you run the risk of having an IRMAA that year. I sold my house in 2022 and got hit with the IRMAA for the 2024 year. Even though I appealed it, I was denied.

[@dewboy910]

No, to be on the safe side, you will have to sell it after you DIE! But then your heirs will have to deal with it.

[@bigd3104]

@@bikeny Didn't realize that. That sucks.

[@bigd3104]

@@dewboy910 True.

[@vickilindsey4499]

Also, if you sell a business in 2025, you will pay a high premium in 2027, but only for 2027. Unless you structure the sale to be paid over a period of time. Likely best to sell after you turn 68 and 8 months (depending on what year you were born) and take a lump some payment. You only suffer for one year in high premiums.

[@artoanoush9239]

I totally enjoyed your explanation. It was very clear and helpful. I have a question; What if, A- I am single, 67 years old, B- I am on Medicare for 2 years, starting 65, C- let us assume that in the year 2025, I have, after paying taxes, $850, 000 capital gains from sale of stocks, D- does my Medicare premium go up ?

[@marymessina7398]

Yup. Based on income. Capital gains is taxable income.

[@artoanoush9239]

@@marymessina7398 Will the increase be permanent ?

[@MedicareSchool]

Increase is not permanent, they always review your income every year to see if it's changed.

[@artoanoush9239]

Thank you, I deeply appreciate your answer.

[@elainesorensen5803]

However they use 2 years back to determine the next year’s rate

[@lisat9802]

Thank you for this video, very informative.

[@MedicareSchool]

We're glad that we can help!

[@Davidvandaele]

Could use video that talks about taking IRA distributions, either voluntary, Roth conversions or the forced RMD distribution effects on Medicare! There is a lot to be learned from these video's.

[@MayRose-l4o]

would premium be adjusted every year if income changes?

[@MedicareSchool]

There is a chance, income is reviewed annually for any changes.

[@kevinerose]

This is good review especially since housing prices have risen so much in the last 10 years.

[@deani2431]

I do lot think that one could design a tax/medicare system anymore complicated than what the U.S. has. It no wonder we rank 23rd in global happiness (and that’s before all the price increases that Trumps tariffs will cause)!!

[@MsWarriordiva]

That's true of all US government programs!!!!!

[@MADHIKER777]

Excellent video. Clearly explained topic.

[@David-nx2vm]

You can get the exclusion on a property you purchased with a 1031 exchange, if you eventually lived in the property as your primary residence for a two year period and it was more than two years since you sold your last primary residence. It’s detailed in pub 623.

[@justlina2769]

Why does this man omit the relevance of improvements to the home? Any improvement that expands the square footage or extends the life of the home is a PART of the basis. And any home where the capital gain is below the exclusion ($250 single, $500 married) is not required to even be reported on an income tax return. At least that is what my accountant (working at a big corporate firm) told me.

[@oliviaHill-w4e]

In the current economic climate, a home is not the best investment. I've already sold my Boca Grande area home, but I want to invest roughly $200,000 in stocks since I've heard that even in challenging times, investors may turn a profit. Any excellent ideas for stocks?

[@LesterHess-t1x]

The truth is that if you make the right picks, you could make killer riches very quickly, although such profit usually needs expertise, as in hedge funds or financial managers. I personally prefer the latter.

[@wmwoods-l4f]

I agree. Based on personal experience working with an investment advlsor, I currently have $985k in a well-diversified portfollo that has experienced exponential growth. It's not only about having money to invest in st0cks, but you also need to be knowledgeable.

[@j.ottinger]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@wmwoods-l4f]

There are several independent advisors you could research. However, I have been working with “Annette Marie Holt for almost four years, and we get along great. If she appeals to your judgement, you could continue with her. I support her.

[@j.ottinger]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@2DXYSU]

The real scandal is that capital gains accumulated over perhaps decades are not indexed for inflation. Regarding home sales: Best advice is the sell and buy another home whenever you reach the exclusion cap. This guy left out the important info.

[@iwishpeoplecaredagain]

These laws are choking Americans

[@benedictahizon6536]

Not only you will got hit with IRMAA but your SSI will be taxed!

[@mwilliams4371]

$250 K or $500K on a house sale is not taxable. Only over that would incure taxes.

[@Mycrazyworld-w7u]

I would drop Medicare and take my chances with the grim reaper rather than be a prisoner

[@richh1576]

The government will most probably simply back charge your estate.

[@vickimerritt2832]

I am required to have it or lose earned Tricare.

[@tatie2135]

Great information. Thank you!

[@jerryc1010]

Say thank you to Obama and ObamaCare.

[@krishannam1346]

You might want to dig your head out of the sand and take a look around. This started long before ObamaCare. While you're looking, you might notice the US is the only industrialized nation without healthcare for all. OR, just keep hating the black guy to honor Der Fuhrer. 🙄

[@calvinreichelderfer4922]

Does selling a property that was not your primary residence effect modified gross income for the rates you pay for Medicare??

[@elainesorensen5803]

Absolutely! It is income.

[@dorothyhall9664]

What if I make less than 19thousand a yr is my irmma minus185

[@butterflygirl2285]

IMO - Why don't more experts talk about this? It was the shock of my life to find out that moving was going to increase Medicare premiums .In addition, I must pay IRMAA even though I am certainly not a multi millionaire. The weird thing is that it appears the IRMAA penalties only increase within a fairly narrow range. and then cut off. Those who are really wealthy get off the hook. In addition, I must also pay RMDs (Retired Minimum Distributions): those can potentially affect yearly income I wish this information had been commonly known shared before I retired - I would have stayed working. From a cynical point of view it would have been better not to work hard, or save or invest prudently. All it does is potentially drive someone into bankruptcy during the so called , "golden years."

[@AnitaVZ1]

Its your responsibility to educate yourself before you retire. Stop whining and complaining and be thankful you are now informed.

[@millielopez10]

But how long you have to pay the new premiums after the selling of your home? And what about if the loan was refinanced ?

[@bohica7826]

I had no clue…. Thank you very much…