If social security is my only source of income, and I sell my home, will my social security be affected, and if so for how long?

[murpheybj]

My Social Security income is below the minimum required to be filed on a tax return.

[DoninGA]

Are the gains on the sale going to be over $250,000 if Single or $500,000 if Married Filing Jointly?

[murpheybj]

No

[DoninGA]

If you will have no capital gains to report on your tax return, then the sale does not affect your Social Security benefits or any Medicare premiums you pay in any way.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).  

If you had a gain greater then the exclusion amounts then you would have to report the sale.  Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. 

[TerrylynnE]

A tax lady at get my refund told me because I'm not required to file that I don't have to report the 1099 S to the irs. She refused to help me said you're not required to file so you don't need to report it.  All because it says this at the tip of my 1099-S " This is important tax information and is being furnished to the eternal revenue service. If you are Required to file a return, a negligence penalty or other sanction May be imposed on you if this item is required to be reported in the irest determines that it has not been reported". So because it says if you are required to file a return she wouldn't file for me. It was supposed to be a nonprofit help because I'm disabled mentally. She said because I'm on disability I'm not required to file so I don't have to report the 1099S. Is that true?

[HopeS]

If you owned and lived in the home for a total of two of the five years before the sale, then up to $250,000 of profit is tax-free (or up to $500,000 if you are married and file a joint return). If your profit exceeds the $250,000 or $500,000 limit, the excess is typically reported as a capital gain on Schedule D.

Therefore, for your peace of mind, you can file your return even if you don't make these profits but you don't have to, especially with the fact that your only other source of income is Social Security benefits.

See additional information below:

Sale of Home

@TerrylynnE 

[fanfare]

Social security is no longer your only source of income for the tax year in question.

You sold your home.

Generally, the IRS expects you to report your home sale if you received a 1099-S.

if your gain is below $250,000 (500,000 is married) and you meet the other conditions, then all the gain is not eligible for taxation  and your tax is zero.

your Social security will not be impacted.

@murpheybj