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Why was my Social Security benefit amount decreased over…

Customer Question
Why was my Social...

Why was my Social Security benefit amount decreased over $350.00 per month. For several years I was receiving $1475.00 per month and the

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

Last couple of mo this $1150.00?? I sent a letter in

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I did receive my Moms home in her estate and sold it!

Submitted: 1 year ago.Category: Social Security
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Answered in 40 minutes by:
3/21/2017
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,473
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Customer reply replied 1 year ago
Thank You Stephen.
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago

When did you sell your mother's home? In 2015?

If so did you report a large capital gain and if so, how was it calculated?

When did your Mother die?

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Customer reply replied 1 year ago
She passed in 2012 and property I inherited was sold in 2015
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago

How did you determine the capital gain?

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Customer reply replied 1 year ago
My CPA figured that for me but it did go
To my income that year
Customer reply replied 1 year ago
Is there a cap on what your income can be
I did start collecting SS at 62. I'm now 71 1/2... and the amount has never been decreased before. I'm single not married
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago

OK, I asked because it would usually not result in a substantial capital gain because your tax basis would have been the fair market value at the date of death, not your mother's cost of the home which is sometimes a mistake that's made.

The reason that your net 2017 Social Security benefits have decreased is because of the increase in your 2015 income resulted in an increase in Medicare premiums for 1 year, 2017.

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Customer reply replied 1 year ago
Ok so will that change in 2018?
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago

Yes.

I just call your attention to the capital gain issue to make sure it was computed the correct way.

Steve G.

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Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 1 year ago

I would appreciate it if you would take a moment to rate my response as that is the only way I will receive credit from the site for assisting you today.

Thanks very much,

Steve G.

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