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Latest revision as of 07:57, 12 November 2024

Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the superior marginal income tax bracket for many retirees is a whopping forty-six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who have the good fortune (misfortune?) turn out to be subject to both the 25% income tax bracket and also the 85% inclusion rate for Social Security benefits.

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You can get done even much better than the capital gains rate if, as opposed to selling, you just do a cash-out re-finance. The proceeds are tax-free! By time you estimate taxes and selling costs, you could come out better by re-financing elevated cash within your pocket than if you sold it outright, plus you still own the house or property and in order to benefit from the income on!

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