Many thanks for the info! One follow up question. As far as making estimated tax payments for 2025 (was required to do so for 2024 for the first time), I know for certain we'll be paying a hefty tax price since the value of the property has at least doubled since purchased in 2010. I was thinking, after I complete my return and file it, would it be wise to "pretend" I sold the property for the asking price and guestimate closing costs, adjustments to basis, etc., to see what TT reflects as the amount taxable. My thinking is that would then give me an idea of what I should pay in estimated tax payments.
Does that make sense? It's my first time selling rental property so pretty ignorant. I know there's depreciation recapture as well as capital gains. Or, since 2024 was the first time we had to make estimated payments, do I need to be concerned about guestimating the possible tax liability?
Sure do appreciate any advice!
