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Posted by Missy on July 1, 2006, 4:37 pm
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rickj123456789@yahoo.com wrote:
> 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.
You will not even have to file a federal tax return this
year. But if you receive a form 1099S, you might want to
file. It would go on schedule D with the sales price minus
the purchase price. Your tax would be -0-. I do not know
about your state tax.
Missy Doyle
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