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I sold a rental property in Jan 2024. How do I estimate taxes on long-term capital gain and depreciation recapture?
The long-term capital gain is $200,000. Do I estimate a 15% tax, i.e. $30,000?
And, turbo tax calculated depreciation as $42,000. Do I estimate another 25% tax on it, i.e. $10,500?
Can I pay both estimated taxes above ($40,500) all in one go by April 15th, 2024?
Thank you!
‎February 12, 2024
1:59 PM