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Posted by Phil Marti on July 1, 2006, 4:36 pm
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> 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?
You can get a refund only if you paid something in through
withholding or estimated taxes. In your case there would be
nothing to refund.
> Would I have to pay social security on
> this?
No.
> Single non head of household.
If this sale was your only source of income for the year and
you aren't a dependent, you'll have zero tax due even if you
had zero basis in the property. See IRS Publications 550
and 551 fo rinformation on calculating your capital gain.
--
Phil Marti
Clarksburg, MD
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