My husband (now deceased) and I bought a storage shed many years ago for $55,000 and I sold it to my brother last year for $50,000. The bank issued me a 1099 for the $50,000. Do I need to file a tax return for 2016?
This is a question best asked of an accountant but I'm willing to bet that the answer is yes. if you received a 1099 then the IRS did also and they will certainly want to know the source of that income.
answers to questions are for general purposes only and do not establish an attorney-client relationship.
The answer is "YES" you need to file federal and state income tax returns, regardless of your disability status. You meet the minimum income thresholds. For help in Iowa City see http://www.icpl.org/tax/
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