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| *Loan,banking and credit>>>real estate tax |
Do I need to file taxes if I had one sale as a real estate agent? Commission was about $3000.00? |
I had only one sale last year because I am a student full-time and did not have another job. I recieve financial aid from school and don't really have any expenses. Do I still need to file? About how much would I have to pay in taxes? I am young and not a dependent. In addition to considering the income tax aspect of this situation, you should consider the self-employment tax aspect of it. It is likely that you were paid as a self-employed person, and not as an employee. The commission would have been reported to you on a Form 1099-MISC. If this is the case, you will owe self-employment tax, reported on Schedule SE. To determine the amount of SE tax, multiply the commissions total by 92.35%, then multiply the result by 15.3%. You could deduct business-related expenses from the commissions on Schedule C to reduce the tax, but if the self-employment income is not reduced to less than $400, you will owe SE tax. Follow the instructions to determine your standard deduction and personal exemption (if your parents aren't entitled to claim such exemption), and see if any taxable income (as opposed to self-employment income) remains subject to income tax. Source(s): 30+ years tax experience Yep you do... You are not required to file taxes with that amount of income. If you have no other income, and did not have any tax withheld, you do not need to file. I would file. Then when you take all of the deductions entitled to you I seriously doubt you will owe any taxes. |
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