If we just sold a vacation home and will be paying capital gains for 2017, do we need to pay now? Will we be penalized for waiting till tax time next year?

gregg-denise · ‎June 3, 2019

PaulaM · ‎June 3, 2019

If you sold the vacation home in 2016, then any capital gains would be included in the 2016 tax year. If you just sold you vacation home this year (2017), then they are reported next year for 2017 tax return.

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

If we just sold a vacation home and will be paying capital gains for 2017, do we need to pay now? Will we be penalized for waiting till tax time next year?

If we just sold a vacation home and will be paying capital gains for 2017, do we need to pay now? Will we be penalized for waiting till tax time next year?

Found what you need?

Top help articles

Still have questions?

Get more help

Ready to start your taxes?

Why sign in to the Community?

Do you have a TurboTax Online account?

If we just sold a vacation home and will be paying capital gains for 2017, do we need to pay now? Will we be penalized for waiting till tax time next year?

If we just sold a vacation home and will be paying capital gains for 2017, do we need to pay now? Will we be penalized for waiting till tax time next year?

Found what you need?

Top help articles

Still have questions?

Get more help

Ready to start your taxes?

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert