Certified Financial Group
01-09-2015, 08:38 PM
Q: I am 66 years old and normally in the 10% federal income tax bracket. Since taking Social Security, I have never earned enough money to have to pay any taxes on my Social Security. In 2014, I sold my only rental income property for a long-term capital gain of about $110,000. I know that I will not have to pay federal taxes on this long-term capital gain since I am in the 10% bracket. But, will I have to pay higher Medicare premiums on my Part B (I currently pay $104 per month)? And will this sale cause me to pay taxes on my Social Security benefits? In 2014, I will report less than $2,000 in interest, receive about $7,500 in Social Security, have a net loss of about $500 from rental real estate, and have about $110,000 in a long-term capital gain.
Read the rest of the story (http://www.usatoday.com/story/money/columnist/powell/2015/01/06/social-security-medicare-part-b/21291901/).
Questions? We are are here to help (http://www.financialgroup.com).
Read the rest of the story (http://www.usatoday.com/story/money/columnist/powell/2015/01/06/social-security-medicare-part-b/21291901/).
Questions? We are are here to help (http://www.financialgroup.com).