We sold rental property at a very nice profit in March, 2022. Turbo Tax has added a $1600 underpayment of tax penalty for federal and $400 for state!!
We are retired and have no income otherwise except for Social Security and a small amount of income from a different rental property. Is the Turbo Tax program correct in this calculation? Is it really mandatory to pay estimated quarterly taxes on the sale of real estate? Is there some way to get the overpayment penalty waived?
