I have just sold a vacation condo and have about a $30,000 capital gain. Must I pay an estimated tax now or can I wait and declare the gain on my 2017 return next year?

[Phillip1 · Accepted solution]

It depends.

If there is a balance due on your 2016 tax return, you may want to submit an estimated payment now to prevent yourself from having an 2017 estimated tax penalty. There is a new IRS website where you easily can make tax payments at any time called IRS DirectPay. 

If there is a refund on your 2016 return, you are not required to make the 2017 estimated payment but you can choose to make the payment.

[coltaxsut57]

How do I calculate the tax due on a capital gain?