I unexpectedly sold a residential rental property in Oct. 2024 with a high capital gains tax. When do i need to pay this tax? What is the deadline for this tax?
You'll need to sign in or create an account to connect with an expert.
To avoid a penalty you have to make an estimated tax payment by January 15, 2025 to cover the tax on the gain. Your final tax will be calculated on your 2024 tax return, which you have to file by April 15, 2025. If there is still a balance due on your tax return, you have to pay it by April 15.
(You might hear something about an extension for filing your tax return. But an extension only gives you more time to file the return, not to pay the tax. The final tax is due April 15.)
The income will be reported on your 2024 tax return with a deadline for payment on April 15, 2025. Depending upon your other income and withholding you might consider making an estimated tax payment now.
To avoid a penalty you have to make an estimated tax payment by January 15, 2025 to cover the tax on the gain. Your final tax will be calculated on your 2024 tax return, which you have to file by April 15, 2025. If there is still a balance due on your tax return, you have to pay it by April 15.
(You might hear something about an extension for filing your tax return. But an extension only gives you more time to file the return, not to pay the tax. The final tax is due April 15.)
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
SimpleTaxes
New Member
Suj59
New Member
taxman33
Returning Member
RustyShackleford
Level 3
gxt1
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.