Re: Does my dad need to file taxes if his only income is social security but he owns a home

Does my dad need to file taxes if his only income is social security but he owns a home

posted

No, as long as he does not rent out the home, he would not have a filing requirement with SS being his only income.

He'll definitely need to file a 2020 return with the IRS if he had:

$400 or more in self-employment net earnings (gross income minus expenses); or
Marketplace health insurance and he received advanced payments for the premium tax credit.

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

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