Bill wrote:

- quote -

(snipped)

However....... the above speaks to the federal taxability
only. check your state income tax (if any) requirements.
if in Alabama, you may owe up to about $ 125.

ChEAr$,
Harlan Lunsford, EA in LA
Independence Day, July 4th 2006

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rickj123456789[at]yahoo.com wrote:

- quote -

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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rickj123456789[at]yahoo.com wrote:

- quote -

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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<rickj123456789[at]yahoo.com> wrote:

- quote -

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.

- quote -

No.

- quote -

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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<rickj123456789[at]yahoo.com> wrote:

- quote -

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 [at] AOL.com Columbus OH K2PZH

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rickj123456789[at]yahoo.com posted:

- quote -

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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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.

Thanks for any info.

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