Years ago my sister and I inherited a vacation home from our parents. We sold it last year. I normally file jointly with my husband. This year I'll be reporting the gain on the sale of the vacation home on our taxes. My question is should I continue to file jointly? My husband is on Medicare and I am concerned that this added income will affect his premium. Since the property was something I inherited it doesn't seem right that it would affect his premiums. Thank you!
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@Mom of Faith wrote:
Since the property was something I inherited it doesn't seem right that it would affect his premiums.
The problem is there is a different chart (with tax brackets) for married individuals who live with their spouse but file a separate tax return.
See Page 6: https://www.ssa.gov/pubs/EN-05-10536.pdf
When a married couple files separate returns, they both *automatically* disqualify for a number of deductions and credits they would qualify for if filing joint. Additionally, more (if not all) of any social security income received becomes taxable income. So by filing separate what may be saved in premium payments will be offset by less deductions and credits, and higher taxes.
I know the loss is nondectible but not sure what form(s) to use to report loss.
The thread in which you have posted your question is over a year and a half old.
Please start a new thread to post your question.
I have a loss on the sale of a vacation home--I know it is not deductible but I think it is still required to be reported. Can anyone advise?
You are correct assuming the vacation home was used for personal purposes.
In that event, you cannot deduct a loss (or use a loss to offset any gains you might have). Report the sale the same as you would the sale of a stock or bond in that section of TurboTax.
if you didn't get a 1099-S, there is nothing to report if you did use form 1099-B and set cost equal to ales price so there is no gain or loss
@Mike9241 wrote:
....use form 1099-B and set cost equal to ales price so there is no gain or loss
There is a selection in TurboTax to indicate that a loss is not deductible due to the property being held for personal use.
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