You'll need to sign in or create an account to connect with an expert.
Rough hack, with no further info: 20% of net gain to IRS, 5% to MN. 'Net Gain' = (Sales price + Cost of Sale) - (purchase price + cost of improvements). To pre-pay IRS, see https://www.irs.gov/payments , select '1040 Estimated 2019' ...
I much appreciate the Q&A as I'm in a similar situation in FL re sale of second home in Sep 2019. I just want to verify the following, inferred from the brief response. There is no need to file a Form 1040ES, you can just estimate the capital gains tax and send the payment via the IRS Direct Pay website? I don't want to mess with adjusting withholding and making quarterly tax payments...just want to make a one time payment for the capital gain from the house sale. Thanks very much.
Right. You can pay directly at IRS. See screen shot but pick 2019.
Perfect. Thanks again.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jaxgab
Returning Member
jaxgab
Returning Member
riogrande
New Member
einholz_e
New Member
jeanderson76-gma
New Member
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.