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Posted by Herb Smith on July 1, 2006, 4:56 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.
Is the $6000 the GROSS sales price or the capital gain? If
that is your only income, other than SS benefits, you likely
do not have any requirement to file or pay tax. If you have
not paid withholding or estimated tax during the year, you
have no claim for a refund. This is not "earned income".
Since this is capital gain (and not earned income), there
are no employment taxes due.
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