Tuesday, August 24, 2010

I sold land that was ltcg-I hold the mortgage which is interest only-this is the $1800.?

When i sold the land-the buyer put down 20% which I paid big buck taxes on. Now it's interest only mortgage (divided among my siblings) This year the $1778 in interest money is my only income and I want to know do I have to file a tax return for so little?I sold land that was ltcg-I hold the mortgage which is interest only-this is the $1800.?
If that is your only income, no return is required.





I assume the tax paid on the 20% down was in a prior year

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