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Level 1

Sold our lake home June 2019. How do I make estimated tax payments on the capital gains for fed and state of MN?

 
4 Replies
Level 11

Sold our lake home June 2019. How do I make estimated tax payments on the capital gains for fed and state of MN?

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' ...

Level 4

Sold our lake home June 2019. How do I make estimated tax payments on the capital gains for fed and state of MN?

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.

Level 20

Sold our lake home June 2019. How do I make estimated tax payments on the capital gains for fed and state of MN?

Right.  You can pay directly at IRS.  See screen shot but pick 2019.

 

 

IRS Pay Estimates.PNG

Level 4

Sold our lake home June 2019. How do I make estimated tax payments on the capital gains for fed and state of MN?

Perfect. Thanks again.