Re: Social Security – sale of Mother’s house
What was the form to fill out for Medicare not to increase due to a one-time increase in earnings due to the sale of a house that was from my mother – not our main residence. Thank you.
Terry Says
Not quite sure who is who in this question. But let me assume your mother passed and you inherited the house. In that case, your tax “cost basis” was the value at the date of death. Assuming you sold the house reasonably soon after her death, there is no tax due — and no income reported. This was an inheritance and is not considered income.
Consult your tax advisor, but this should not impact your Medicare premiums, since it will not be reported as income on your tax returns.
Now, if I guessed wrong about your question, please write back and clarify.