|
Posted by Arthur Kamlet on July 1, 2006, 4:36 pm
Please log in for more thread options
> 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 your only income for the year is the gain from selling
land, the gain is the difference between sales price of 6000
and cost basis to you. You will not have any income tax
nor any need to file a tax return. So since you do not file
you do not get a refund of anything.
__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap