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Deductions & credits
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? Yes you can if you quailify for the safe harbor rule on paying estimated taxes.
Also, will I owe California state taxes if the sale of the property is in Florida where there's no state taxes? Since you are a CA resident they tax ALL of your income no matter where it comes from. The fact that the sale was in FL and they don't have a state income tax is just a fringe benefit.
‎August 29, 2022
2:50 PM