Tags: Taxes

As the 2024 tax season approaches, understanding whether you need to file a federal or state tax return is essential. Filing requirements are based on gross income, age, and filing status. The IRS adjusts federal thresholds annually, while state requirements vary.

Below, we outline the 2024 federal tax filing thresholds and provide a state-by-state breakdown of income tax filing requirements.

2024 Federal Tax Filing Thresholds

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If your gross income exceeds these amounts, you must file a federal tax return. 

2024 State Tax Filing Thresholds

These states do not require a personal income tax return for most individuals:

  • Alaska 
  • Florida
  • Nevada
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wyoming 

State-by-State Income Filing Thresholds

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Final Thoughts

Each state has unique filing requirements, so check with your state tax agency if unsure. If you need help, consult a tax professional to avoid penalties or missed deductions.

For more details, visit IRS.gov or your state tax department website. 

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Important Disclosures:

*This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”).  *There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal.  *DST 1031 properties are only available to accredited investors (generally described as having a net worth of over $1 million exclusive of primary residence, and/or possessing an annual income of over $200,000, or $300,000 with a spouse and expects the same or greater for the current year) and accredited entities (generally described as an entity owned entirely by accredited investors and/or owning investments in excess of $5 million). Please check with a qualified CPA or attorney to determine if you are accredited. *Past performance is no guarantee of future results.  *Diversification does not guarantee returns and does not protect against loss.  *Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC (CAM), an SEC registered investment adviser. Insurance products offered through Concorde Insurance Agency, Inc. (CIA) Fortitude Investment Group is independent of CIS, CAM, and CIA. bd-sc-r-a-1416-3-2025

Jeffrey Kiesnoski

Since Founding Fortitude Investment Group, Jeffrey has been providing accredited investors with real estate investment opportunities utilizing the Delaware Statutory Trust (DST) for their 1031 exchange needs. A licensed registered representative since 1995, he provides wealth management solutions for investors nationally and internationally, focusing on access to multiple investment products from multiple firms.

This is for informational purposes only and is not an offer to buy/sell an investment. There are risks associated with investing in Delaware Statutory Trust (DST) and real estate investment properties including, but not limited to, loss of entire principal, declining market value, tenant vacancies and illiquidity. Diversification does not guarantee profits or guarantee protection against losses. Potential cash flows/returns/appreciation are not guaranteed and could be lower than anticipated. Because investors situations and objectives vary this information is not intended to indicate suitability for any particular investor. This information is not meant to be interpreted as tax or legal advice. Please speak with your legal and tax advisors for guidance regarding your particular situation.

Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC (CAM), an SEC registered investment adviser. Insurance products offered through Concorde Insurance Agency, Inc. (CIA) Fortitude Investment Group is independent of CIS, CAM, and CIA.

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