Hi par8,
Thank you for asking. If you are a real estate agent who is filing tax under schedule C (self employment), generally you are required to file an annual tax return and pay quarterly estimated tax. If you do not have income, you are not required to make the estimated tax payment. The purpose of paying estimated tax payment is to avoid owing IRS tax and the penalty. The following links have details about Self-Employed Tax and hope it will answer your questions.
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
https://ttlc.intuit.com/community/taxes/discussion/i-recently-found-out-i-was-supposed-to-file-my-ta...
You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
https://ttlc.intuit.com/replies/3301891
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