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If your only income is social security but you took a loss selling your home do you file income tax?
Wiki User
∙ 15y ago
Probably not, assuming it was your personal residence and not an investment or rental property and you never claimed a home office deduction.
But if you get a 1099-S for the sale of the home, you should file a return and list the sale on Schedule D and show your basis to inform the IRS whether you had a profit or a loss on the sale. (They don't know if you don't show them and will presume that 100% of the sale price was a profit unless you file Schedule D.)
If the house was a personal use property (you lived in the house), you cannot claim a capital loss.
If the house was not a personal use property, then you can claim a capital loss. Even though you might not have any income to offset this year, you should be able to carry over some or all of the loss and it might prove useful in the future. You need to file in order to claim the loss.
If you ever claimed depreciation (it was a rental property or you took the home office deduction), then you need to recapture the depreciation. You should file in that case.
Wiki User
∙ 15y ago
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Is Social Security included when assessing income to file taxes?
Yes
If you income is your social security benefits do you have to file an income tax form?
yes, you will not pay any taxes.
Is any of this considered earned income if you and your wife live on social security income and a small pension benefit but no labor is performed?
No. Social Security and Pension income are not considered earned income for the purposed of the Earned Income Tax Credit. This is not to say that you will not have to file an income tax return and possibly pay taxes. Depending on the amount of income you have and your filing status, you may or may not have to file a return.
Do you file social security income along with working full time income?
Only 1 return is filed by anyone. It includes all income.
If your only income is Social Security do you need to file tax returns?
Perhaps. It depends on whether you have enough non-Social Security income to be required to file an income tax return. Also, for 2007 and, possibly, 2008, you may qualify for an economic stimulus rebate, but only if you file a return. You can find a form on the internet or at the library. Just because IRS didn't send you a form, doesn't mean you are exempt from filing.
DoI need your dependents ss card to file your taxes or just the ss number?
When I file my income tax will I need my dependant's actual social security card or can I just give the filer the numbers When I file my income tax will I need my dependant's actual social security card or can I just give the filer the numbers
Does your child need to file taxes for their Social Security money?
A child who is a dependent and earns income must file a return if they earned the specified amount of money as mentioned on the income tax form.
Do you have to pay income tax on your child's monthly death benefits?
The child's social security survivors benefits belong to the child and if the child would be required to file a income tax return it could be possible that some of the child's social security benefits could become taxable on the child's income tax return. If you are receiving social security benefits its is also possible that some of your SSB could become taxable income on your 1040 income tax return.
Can you opt out of social security benefits if you are already receiving them?
Getting social security isn't automatic and you have to file for them with the social security administration. So, just don't file.
Can you file for child tax credits on SSA?
NO. SSA (SSB) social security benefits would be UNEARNED income and would NOT be qualifying earned income on your income tax return for any of the credits.
Do you have to pay taxes on your social security check?
There is a means test to determine your total annual income and if it exceeds that amount you will have to pay on the additional amount. You can find it in the tax booklet or on line by typing in the question do I have to pay taxes on social security income. Generally speaking, most people don't if social security is their only income. However you may still need to file a return.
Can you file bankruptcy on unemployment benefits?
AFAIK, Social Security has no impact on your ability to file bankruptcy. In fact, Social Security is excluded from the "means test", so unless you have substantial other income you should be able to file Chapter 7.
