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Investors & landlords
this answer contradicts the previous reply... I understood from the first response that the capital gains tax will be due when 2023 taxes are due, as long as estimated tax payments made for 2023 are at least 100% of the taxes due in 2022. I had a similar scenario this year...sale of a rental property in March 2023 requiring a substantial capital gain tax. I make estimated tax payments each quarter that will total at least 110% of last year's income tax. So, am I complying with the law by waiting until TurboTax 2023 comes out in December and using it to determine the capital gains and depreciation taxes I will owe on the income from that sale?
‎July 19, 2023
3:50 PM