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I have no income, I live from the sale of my house. No property, no debt, no investments. I still need to file yearly tax returns. Can I use Turbotax in this situation?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Free Edition Online

Best answer by VolvoGirl

Filing Requirements

https://ttlc.intuit.com/replies/3302274

X

xmasbaby0

Employee

If you have no income and are living off of savings why do you think you need to file yearly tax returns?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Employee

Why do you think the IRS wants to see a tax return with no tax data entered and only your name, address and Social Security number?

P

p127_2Author

I only have a few pennies of interest from the saving accounts

Hal_Al

Employee

Or was your house sold on an installment plan?

macuser_22

Employee

Then why do you think "I still need to file yearly tax returns."? There is no advantage to file a do nothing tax return.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

VolvoGirlAnswer

Employee

Filing Requirements

https://ttlc.intuit.com/replies/3302274

D

DoctorJimmy

So if you are living off of this scenario ( pasted below ) : A married couple with no dependents takes in $30K and put it into their savings - One check for $15K is written to daughter by her mother, and one check later in year of $15K is given to the son in law ) and this money is placed in a savings account with all your other accumulated savings over the years, and you are not 65 - and the daughter and son in law have decided to take a leap of faith and retire due to some health reasons, when April of 2021 comes - there is nothing aside from property taxes to report unless you report the very small amount of interest that you "may" get ( This year the bank told us they didn't bother since the interest was way below 10 dollars ). So no need to send in anything to the IRS aside from the property taxes which are allowed to be reported ( house is paid off so no interest to pay on a mortgage - no jobs , no children, no anything that makes money - just gift money - that's all you have ). ??

I copied and pasted this :

Generally, the answer to “do I have to pay taxes on a gift?” is this: the person receiving a gift typically does not have to pay gift tax.

The annual gift tax exclusion is $15,000 for the 2020 tax year. (It was the same for the 2019 tax year.) This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.

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xmasbaby0

Employee

If you had no taxable income--and living off of savings is not taxable income--then you have no reason to "report" your property tax. Without paying tax during the year, there is no reason to file, and nothing to be gained by entering property tax paid on a tax return. You cannot receive a tax refund based on property tax you paid. Entering property tax paid can only help if you actually paid (or had tax withheld from income you received) tax during the year, and you have enough itemized deductions to exceed your standard deduction --- which for a couple filing a joint return for 2020 will be $24,800.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**