Since you purchased property, I am assuming you are concerned about whether you will have enough tax paid in to cover any income from the property (in addition to your W-2-based employment income). If this property is not income producing (e.g., it's your first or second home and you don't rent it), it will not impact your taxable income until you sell it (although it might give you some tax deductions).
So, the first question to ask is whether you anticipate net income from the property. Most people with directly-owned property are filing a SCH E. If you made net income on your property (after considering your deductions), you would want to consider paying estimated taxes on that income. If you end up with a loss, it will not increase your taxes due in that year.
If you have a rental property and are also providing substantial services and meet all criteria, you may be filing a SCH C. Most folks do not qualify. Net income on a SCH C is also subject to self-employment taxes in addition to income taxes. Here's a great explainer article on that.
Estimated taxes are due 4/15, 6/15, 9/15 and 1/15 for the final payment for the prior year. You can also increase your W-4 withholdings instead, of course, but it is probably easier to pay the estimated taxes (the IRS doesn't care which way they get the money, as long as it is timely and enough. The self-employment article also talks about underpayment penalties.
Hope this helps. Great question, TeeTee! If I didn't understand, don't hesitate to follow-up.
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Regards,
Karen
TurboTax Expert
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