Income Related Monthly Adjustment Amounts (IRMAA) apply to you.
Income Related Monthly Adjustment Amounts (IRMAA). You need to know what are the ramifications of selling your house specifically a vacation property something that’s not your primary residence, because you may not know that this could cause your Medicare Part B and Part D to go up due to IRMAA adjustment for a year. You could take a capital gain exemption if it’s your primary residence if you have lived in it for two of the last five years, or if you are in the military, disabled, or in the foreign service or the intelligence community. What you need to know is only 5% of people actually have to pay for Irma Some people never had to pay an increase and now they just sold their lake house or are no longer going to their condo in Florida or no longer using their beach house because they’re getting older and the market is hot so why not sell it right now. You may not necessarily be rich but you were house rich and once you sell that property you may be hit with an IRMMA adjustment for 12 months. If you are married and if you file jointly it’s gonna be on both of you so it’s something you should talk we a medicare specialist, CPA, or financial advisor something to consider before you sell that property.