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When to to File the Sale of Vacant Land With the IRS?

I have just sold vacant lands I owned for around 10 years. Should the gain be declared this year to IRS in the upcoming weeks to avoid any penalties or can I wait next year to file the sale?
3 Replies

When to to File the Sale of Vacant Land With the IRS?

The property was sold in 2022 so the sale is reported on your 2022 tax return that you file next year.

When to to File the Sale of Vacant Land With the IRS?

I think OP is asking about making estimated tax payments.

When to to File the Sale of Vacant Land With the IRS?

In most cases, you must pay estimated tax for 2022 if both of the following apply.

  1. You expect to owe at least $1,000 in tax for 2022 after subtracting your withholding and tax credits.

  2. You expect your withholding and tax credits to be less than the smaller of:

    1. 90% of the tax to be shown on your 2022 tax return, or

    2. 100% of the tax shown on your 2021 tax return. Your 2021 tax return must cover all 12 months.

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