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Old 10-14-2015, 10:20 AM
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MFJ sale of home

Do we have a filing req? Sold principal res at a loss of 23000. Only income we have is my husbands 14500 of disability ss, I had 741 of unemployment, 177 in bank interest, 35 in qualified dividends, and I had received 558 from an IRA from a deceased parent and they took out 58 in fed tax. I also receive workers comp of 28,800 annually. We did not receive a 1099-S on the home sale.

I figure to only get back the 58. Do I need to file?



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Old 10-14-2015, 05:49 PM
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Quote:
Originally Posted by Kathy344 View Post
Do we have a filing req? Sold principal res at a loss of 23000. Only income we have is my husbands 14500 of disability ss, I had 741 of unemployment, 177 in bank interest, 35 in qualified dividends, and I had received 558 from an IRA from a deceased parent and they took out 58 in fed tax. I also receive workers comp of 28,800 annually. We did not receive a 1099-S on the home sale.

I figure to only get back the 58. Do I need to file?
you don't have to file your tax return if your gross income is less than the amt for your filing status(MFJ), of $20300 for 2014.Unfortunately, loss from the sale of your primary home of $23K is not deductible. UNLIKE other capital losses, It is not eligible for the capital gains loss of up to $3K annually.So, your gross income is: $1,453;741+177+500+35 and no need to file your return UNLESS you want to get back your return of $58.



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