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Deductions & credits
I have a similar situation. I live in California and sold an investment property in Florida for a gain in Jun-2022. Can I wait until the end of the year (Dec-2022) to pay the IRS taxes on the gain without incurring a penalty? Assuming that at the time of FY2022 tax filing in Apr-2023, I owe the IRS less than $1K or 10% of my total tax liability?
Also, will I owe California state taxes if the sale of the property is in Florida where there's no state taxes?
Thanks!
‎August 29, 2022
2:20 PM