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carlpett
New Member

If I sell a rental property this year (in 2023), does anyone know if Pennsylvania tax will be owed and if TurboTax can help me pay estimated tax?

 
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Carl
Level 15

If I sell a rental property this year (in 2023), does anyone know if Pennsylvania tax will be owed and if TurboTax can help me pay estimated tax?

Assuming the property is in PA and that you are a resident of PA, then you will owe both federal and state taxes on any gains realized on the sale. Typically, if you pay the tax in the quarter you sell the property, there's no issues dealing with things like underpayment penalties at tax filing time.

Check out https://www.revenue.pa.gov/Tax%20Rates/Pages/default.aspx for state tax rates.

 

 

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