N4Nguyen
New Member

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!