Do i need to report the proceeds from a 1099-s if my only income is from supplemental security income (ssi)?

kyleirs · ‎February 16, 2023

these were proceeds from a real estate transaction as a result of a trust. the proceeds were $5300

TomK2023 · ‎February 16, 2023

Yes, report the 1099-S. If SSI was your only source of income, your standard deduction will zero-out the $5,300, and you won't owe any tax. Reporting the 1099-S will establish a timeline of when it was received.

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TomK2023 · ‎February 16, 2023

Yes, report the 1099-S. If SSI was your only source of income, your standard deduction will zero-out the $5,300, and you won't owe any tax. Reporting the 1099-S will establish a timeline of when it was received.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

kyleirs · ‎February 19, 2023

Thank you for the response. I will file my taxes and report the 1099-S.

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Do i need to report the proceeds from a 1099-s if my only income is from supplemental security income (ssi)?