Latest News
Beware of IRMAA When Selling Your Home - MSN.com
IRMAA stands for Income-Related Monthly Adjustment Amount. It is an increase in your Medicare Part B and Part D premiums based on your income. The standard Medicare Part B premium for 2026 is $202.90; however, it can rise to $689.90 based on your Modified Adjusted Gross Income (MAGI). If your premium is increased due to the sale of your home, the increase lasts for 12 months, and if you are married, both spouses pay the same premium.
It is not uncommon for seniors to sell their family home as they get older. The Taxpayers Act of 1997 introduced tax deductions for home sales: $250,000 for single filers and $500,000 for married filers. The amount of those deductions has never been increased, even though home values have increased over the years. Someone who has owned their home for decades could very easily find themselves in this position.
Gerelyn Terzo wrote an article about a senior couple who decided not to sell for this reason. Read the full article here…
The link provided above connects readers to the full content of the posted article. The URL (Internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.