If a person has rentals, but gross rental receipts and other income total below filing threshold. They don't have to file right?
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I see from more digging that their gross receipts from rentals puts them over threshold, but I'm sure once some expenses are entered it will be well below threshold, I guess they still must file to show those expenses, right? -
Yes they must file. Even if there's no tax due, there is great benefit in getting the SOL running."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Ok, thanks John!!!Comment
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How could someone have a rental and the gross doesn't put them over the limit for filing? Is this a doll house or is it not being rented at FMV?Believe nothing you have not personally researched and verified.Comment
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Read Supermom's second post.Originally posted by taxea View Post"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Not that hard to believe
Filing threshold for Single under 65 is $10,300. FRV for many, many rentals is under that. Super Mom's client's gross was not under the threshold, but it's not a stretch. Obviously, if it's a married couple, the threshold is $20,600. Not a stretch at all.Originally posted by taxea View Post
Last edited by RitaB; 02-21-2016, 10:12 AM.If you loan someone $20 and never see them again, it was probably worth it.Comment
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I did and my questions still stand.Originally posted by JohnH View PostBelieve nothing you have not personally researched and verified.Comment
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Is is to me. I'm not questioning their income without the rental. I am questioning the rental income. I admit it is possible that the rent is very low depending on geographical location and size of residence. I guess I am just curious as to how it is possible to be so low that it creates a non-filing event.Originally posted by RitaB View PostLast edited by taxea; 02-21-2016, 10:41 PM.Believe nothing you have not personally researched and verified.Comment
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So what part of "I see from more digging that their gross receipts from rentals puts them over threshold.." are you struggling with?"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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I understood your question
Originally posted by taxea View PostYes, I knew you were questioning the rental income. You said so. I thought we probably all have seen some folks live on savings and SS benefits and 8,000 of rental income, and it never occurred to me that we wouldn't all accept the possibility that the only taxable income they have is rental income. You asked how the gross rental income could be under the filing threshold. Well, it's not that uncommon.Originally posted by taxea View PostIf you loan someone $20 and never see them again, it was probably worth it.Comment
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