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calculating estimated taxes for capital gains on sale of a house

I filed by 2024 taxes (in early March) and subsequently sold my house (in late March).  I will owe capital gains tax on the house sale.  I assume I must pay the capital gains taxes prior to April 2025 as estimated taxes.  Can I use Turbotax to calculate the estimated payments I must make before filing my 2025 taxes in April, 2025?  If so, are there any instructions on how to use Turbotax to calculate these estimated taxes?  Thanks for any replies.

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1 Best answer

Accepted Solutions
Vanessa A
Expert Alumni

calculating estimated taxes for capital gains on sale of a house

Yes, you can do this estimate in TurboTax.  

 

Select the following:

  1. Federal
  2. Other tax situations
  3. Form W-4 and estimates taxes

 

No, you do not have until next April to make the payment.  The IRS is a pay as you go system.  So since you sold the house in early March, the taxes on the sale would be due April 15th, of THIS year.

 

 

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1 Reply
Vanessa A
Expert Alumni

calculating estimated taxes for capital gains on sale of a house

Yes, you can do this estimate in TurboTax.  

 

Select the following:

  1. Federal
  2. Other tax situations
  3. Form W-4 and estimates taxes

 

No, you do not have until next April to make the payment.  The IRS is a pay as you go system.  So since you sold the house in early March, the taxes on the sale would be due April 15th, of THIS year.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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