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Investors & landlords
@Carl wrote:
If you send the IRS 20% of whatever your taxable gain is, then you'll be fine come tax filing time.
That is not necessarily the case and @TaniaW is better off following the information posted by @Mike9241 and @Critter-3 (i.e., the "90/100/110" rules).
Depending upon the actual gain on the rental property and the amount of depreciation recapture (combined with @TaniaW's other income), 20% could result in an underpayment.
‎June 6, 2022
10:35 AM
973 Views