Wife and I sold a second home in August 2017. I anticipate having to pay long term capital gains on the profit. Do I need to submit an estimated quarterly payment now or wait until the time of filing in April 2018? We have not received a 1099-S yet from the the closing firm.
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Payment of estimated taxes is optional. This IRS reference explains the situations when a penalty for underpayment might apply: https://www.irs.gov/taxtopics/tc306
Remember that if the second home wasn't located in your home state, you might have to file a non-resident tax return in the state where it was located.
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