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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22348
Experience:  Taxes, Immigration, Labor Relations
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Customer Question

i just asked one that took a lot of time to prepare for you and I hit Done and have not got a response.
Did you receive it?
Submitted: 11 months ago.
Category: Tax
Expert:  Lev replied 11 months ago.

 

LEV :

Hi and welcome to Just Answer!
I do not see that you recently asked any questions?
It is possible that your question was lost. Please be sure to post it again.

Customer :

This is the 3rd time today if asked this question:

Customer :

Team,
Concerning the new 3.8 % Medicare Tax,do we need to pay it? I believe we should be considered a Real Estate Professional

My wife and have two retail Shopping centers and 4 Residential houses, I understand we need to spent over 751 hours per year on this real estate to in order not to pay the new tax.
We have property managers but still we spent a lot of time dealing with insurance issues and driving 500 miles per month to visit the properties to take care of issues and dealing with the different managers
When on vacation I can not escape it I still need to receive emails and answers questions.
I am 72 and my wife 64 and the net income from these properties is our only income plus social Security and some income from stocks.
When we sell one of these properties and do a search for a compatible 1031 exchange we work 15-16 hours a day to find a new property and do a lot of traveling.
if you have any questions please ask.
Joe XXXX
XXXXX@XXXXXX.XXX

Customer :

Please only charge me once the fist said $35.00 and the second $49.00

LEV :

Please be aware that experts have no access to your account and all issues with charges should be directed to customer service.
I will address all your tax related questions - but please contact the customer service for questions related to your charges.

Jody-cssm41393.0118462847
Expert:  Lev replied 11 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Customer: replied 11 months ago.

I never got an answer -what happened I paid for it?

Expert:  Lev replied 11 months ago.
Just in case you were not able to use the chat - I am switching to Q&A mode and porting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

Hi and welcome to Just Answer! "3.8 % Medicare Tax" that you referred is officially named the Net Investment Income Tax (NIIT) which went into effect on Jan. 1, 2013. The NIIT will affect income tax returns of individuals, estates and trusts for their first tax year beginning on (or after) Jan. 1, 2013. It will not affect income tax returns for the 2012 taxable year that will be filed in 2013. Individuals will owe the tax if they have Net Investment Income and also have modified adjusted gross income over a certain thresholds - assuming you are filing a joint tax return - the threshold amount is $250,000.
If you are Real Estate Professionals - that makes no difference - unless you are in real estate business and report all your income as business income on schedule C. If however - that is your Investment Income and your modified adjusted gross income is more than $250,000 - you will be subject of NIIT.
To the extent that gains are not otherwise offset by capital losses - gain from the sale of investment real estate (including gain from the sale of a second home that is not a primary residence) - is taken into account in computing Net Investment Income. The gain that is not recognized because of section 1031 exchange - is not subject of NIIT.

Let me know if you need any clarification or if you need any help to estimate your possible tax liability.
Customer: replied 11 months ago.

Lev are u there?


Joe

Customer: replied 11 months ago.

lev where are u?

Expert:  Lev replied 11 months ago.
Yes - I am here.
It was reported that you are not able to use the chat.
Please let me know if you have any additional questions.
Customer: replied 11 months ago.

Yes, is the tax on the overage over $250,000 or on the total?

Expert:  Lev replied 11 months ago.
Yes, is the tax on the overage over $250,000 or on the total?
If you have Net Investment Income and also have modified adjusted gross income over $250,000 (assuming you are filing a joint tax return with your spouse) - you are are subject to NIIT on the lesser of your Net Investment Income or the amount of your modified adjusted gross income exceeds the $250,000 married filing jointly threshold).

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