Sold a rental property in 2017 for a cap gain of about $450,000. How do I handle providing proper withholding to feds and California?
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You have the ability to estimate what that will be by doing a test copy or what if return ... to get the sale to show up (and get an estimate) use 12/31/16 as the sale date in the test return ... then switch to the forms mode to see how it effects your return ....
If you want to play around with different figures and tax scenarios without affecting your original return you can
>>>In the TurboTax CD/Download software by creating a test copy:
1. Open your return in TurboTax.
2. From the File menu, choose Save As.
3. Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name).
4. Click Save. You are now safely working in the test copy and anything you do here will not affect the original.
https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return
>>OR use the WHAT IF tool:
- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)
- Click on the Open Form Icon
- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form
- You will see the worksheet on the right side of the screen; enter the information right into the form
- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1
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