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Posted by Bill on July 1, 2006, 4:36 pm
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rickj123456789@yahoo.com posted:
> for $6000.00 its my only income for this year,
> when I pay income tax on this will I be able to
> get a refund for the nontaxable portion? Would
> I have to pay social security on this? Single
> non head of household.
If this is truly your only income -- with no salary, no
interest, no unemployment or other benefits -- then you
won't owe any tax. Anyone under 65 doesn't even need to
file a return if Gross Income was less than $8200 in 2005,
and that will be indexed higher for 2006. (Over 65, no
return necessary if gross income less than $9450 in 2005.)
If you actually sold the property for a total of $6,000,
then there's no need to file. If, on the other hand, you
sold it for more -- and you've deducted your _cost basis_ --
then you may need to file, using Schedule D to show your
cost vs. the Sales Proceeds, to reduce your _profit_ to
$6,000.
Bill
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