Tax increase for everyone, including Seniors over 65

By
Real Estate Agent with Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com -

Tax increase for everyone , including seniors over 65

Check this out, under Obamacare, if your medical expenses are over 7.5% of your AGI, you can take a tax deduction for medical expenses.  I understand it goes to 10% of AGI in Jan 2013, but for seniors this higher rate doesn't go into effect untill 2017.

See PPACA; page 1,994-1,995.

 


Comments (4)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Here's the thing everybody wants to cut spending but nobody wants to give up anything. This is a national not a party issue. Except both parties do not have the guts to apply the cuts uniformly.

Oct 08, 2012 10:34 PM
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

Most seniors have fixed incomes and higher medical expenses as they age.  Increasing their exclusion increases their taxes.  Nice way to treat the old folks right?

Oct 08, 2012 10:43 PM
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

For as long as I can remember, you've always been able to take a deduction if your medical expenses exceed 7.5% of your AGI.  That is not new.

Oct 08, 2012 10:45 PM
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

Lorrie; you are correct, but this rate increases to 10% in Jan 2013.  For seniors over 65 the increase starts in 2017.

 

Oct 08, 2012 11:10 PM

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