I am a resident of Georgia and am selling rental property (this week) in North Carolina. I am required by NC to make estimated tax payments on the sale of the property. I have no idea how to calculate that amount. Property was purchased for $118K in 2010 and selling price is $250K. It was rented continuously through the years and my tenant vacated as of December 31, 2024. My 2024 taxes are not yet complete as I'm waiting for 1099's from my brokerage firm.
I have never had a penalty from NC when I file my taxes but the NC1099NRS form requires me to make estimated payments based on my reading. Last year, I paid $164 to NC for two rental properties so clearly will have a large tax liability.
"The nonresident may also be liable for payment of estimated income tax on the gain to be recognized. You must pay North Carolina estimated income tax if you expect to owe $1,000 or more and you expect your withholding and tax credits for the current year to be less than 90 percent of the tax on the current year tax return, or 100 percent of the tax on the prior year return. You do not have to pay estimated income tax if you were not required to file a North Carolina return for the previous year."
Any guidance on how to calculate the amount?
Thanks
