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JEM123
Returning Member

Estimated Tax payment (1 time land sale)

Any help would be appreciated. I have called the IRS for what I thought should be a simple process but it’s left me more confused. 

I will soon be selling a piece of land that I’ve owned for several years. A capital gain will be realized and I’ve calculated approximately $8-9 k will be owed. 

I want to make a 1 time payment so I’m ahead of the game come next years taxes. 

I thought I could simply print off an Estimated Tax voucher, send in a check and I’ll be good. 

I don’t and have never paid Estimated Taxes and I’d appreciate if there’s a really simple solution to me wanting to make this one time payment. 

3 Replies
DoninGA
Level 15

Estimated Tax payment (1 time land sale)

The simplest way to pay estimated taxes is to use the IRS payment website with Direct Pay so that the payment is directly debited from your bank account - https://www.irs.gov/payments

JEM123
Returning Member

Estimated Tax payment (1 time land sale)

Thanks for reply. I know of the options to pay, but am I doing the right thing? The guy at the IRS made it extremely complicated. Implying I do it over 4 installments which didn’t make sense as it’s a 1 time sale and is happening toward the end of the year. He also implied I could be penalized if it’s not enough etc. I usually get a decent refund so I’m confident even if I underpaid the gain the refund would negate it. 

DoninGA
Level 15

Estimated Tax payment (1 time land sale)


@JEM123 wrote:

Thanks for reply. I know of the options to pay, but am I doing the right thing? The guy at the IRS made it extremely complicated. Implying I do it over 4 installments which didn’t make sense as it’s a 1 time sale and is happening toward the end of the year. He also implied I could be penalized if it’s not enough etc. I usually get a decent refund so I’m confident even if I underpaid the gain the refund would negate it. 


The IRS agent was not correct.  You can make a one time estimated tax payment and it will not cause an issue on your tax return.

I did the same thing a few years ago when I sold a property and only used estimated taxes once.

If needed, you can use the IRS form 2210 and the Annualized Income Method so the payment is spread across all 4 quarters of the tax year.

See this TurboTax support FAQ - https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/01/25703

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