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trkhntr
New Member

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

 
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IreneS
Intuit Alumni

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

UPDATED FOR TAX YEAR 2019

 

You can make an educated guess.  Enter an estimate of your income for the year in your return.

Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be.  To preview you 1040, please follow these steps:

 

  1. While in your return, click Tax Tools (in the black bar at the left of the screen).  
  2. Click on Tools.
  3. Under "Other helpful links" click on View Tax Summary
  4. Click on the Preview my 1040 link in the black bar on the left.  

 

Capital gains  = Net Sales Price - Adjusted Cost Basis

You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price.  This would, of course, overestimate any gain.

Getting back to the original formula:

Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)

Adjusted basis:

  • Increases to basis are generally cost of additions and other improvements.
  • Decreases to basis generally include: residential energy credits, some depreciation, etc.

TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.

 

[Edited | 3/26/2020 |  11:35am PDT]

 

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5 Replies
IreneS
Intuit Alumni

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

UPDATED FOR TAX YEAR 2019

 

You can make an educated guess.  Enter an estimate of your income for the year in your return.

Once you do that you can look at line 12b of the 1040 preview to determine what your taxes might be.  To preview you 1040, please follow these steps:

 

  1. While in your return, click Tax Tools (in the black bar at the left of the screen).  
  2. Click on Tools.
  3. Under "Other helpful links" click on View Tax Summary
  4. Click on the Preview my 1040 link in the black bar on the left.  

 

Capital gains  = Net Sales Price - Adjusted Cost Basis

You make a very rough guess for cap gains by just subtracting the cost of the property from the sales price.  This would, of course, overestimate any gain.

Getting back to the original formula:

Net sales price is the sales price of the house minus any selling expenses (real estate commission, etc.)

Adjusted basis:

  • Increases to basis are generally cost of additions and other improvements.
  • Decreases to basis generally include: residential energy credits, some depreciation, etc.

TurboTax will walk you through the calculation of capital gain, asking you pertinent questions about the property.

 

[Edited | 3/26/2020 |  11:35am PDT]

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

This filing has the sale of rental property and I don't know how to calculate the capital gains.

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

Tax Day and cannot finish my taxes and do not know how much i need to pay with my request for an extension.  This filing has the sale of rental property and I don't know how to calculate the capital gains.
IreneS
Intuit Alumni

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

I've added some information on capital gains and disposing of the asset to my answers.  TurboTax will walk you through the calculation.  

If you want just a rough calculation of cap gain for purposes of the extension, subtract the cost of the property from the sales price.  This will overestimate the gain, but it will give you some idea of how to calculate the tax payment for the extension.
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IreneS
Intuit Alumni

Tax Day and cannot finnish my taxes and do not know how mych i need to pay with my request for an extension

You will have to enter that the rental property was sold, as well as any assets related to the property that you may have entered separately (for example, new roof, appliances, improvements).

To do this please follow these steps:

  1. Click on Federal Taxes > Wages & Income   [In TurboTax Self-Employed: click on the Business tab > Continue > I'll choose what to work on.]
  2. In the Rental Properties and Royalties section click on the Start/Revisit box.  [See Screenshot #1, below.]
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property.  [Screenshot #2]
  5. You will come to the screen, Review Your [property address] Rental Summary.  [Screenshot #3]
  6. Click on Start/Update in the Assets/Depreciation section.
  7. On the screen, Do you want to go directly to your asset summary? mark the Yes radio button and click Continue.
  8. On the screen, Your Property Assets, click Edit next to the property.
  9. Continue until you come to Tell Us About This Rental Asset.  Mark the box The item was sold, retired, stolen... and enter the date you sold it.  [Screenshot #4]
  10. Continue through the rest of the screens, entering the requested information.
  11. You will be brought back to Your Property Assets.  If you have other assets related to this property, follow the same procedure with them as well.






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