Level 2

Prepaying State and Federal Taxes on Sale of Investment Property

Hello,

 

I'm having a hard time searching for this situation but imagine it had to be asked.  Perhaps I'm typing the wrong search terms.

 

I recently sold a rental property and have capital gains and depreciation on it.  I imagine this means I will have a larger than usual tax bill this coming year and wanted to know how I file that paperwork with the Federal Government and the Hawaii State Tax Collector.

 

I bought the home in 2009 for $365,000 and converted it to a rental in 2012 where I started depreciating the property.  I sold the property in 2019 for 585,000 and believe I owe roughly 20,000 in depreciation, 30000 in capital gains to the Federal Government and another 30,000 to the State of Hawaii.  Which forms do I have to fill out to make sure I don't get penalized for underpayment of taxes for 2019?

 

Thanks in advance!  I've been using Turbo Tax this whole time so I imagine it is tracking all the actual depreciation, improvements, etc when I actually file taxes.