turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Jim_NC
New Member

Estimated Taxes for retiree with expected home sale

I am currently retired with income from investments only - no SS yet.  With no stock sales in 2023 and no capital gains for 23, my tax for 2023 is 0 - getting a rebate due to ACA credits.  In 24, we will be realizing a sizeable (500K after 500K exemption for qualifying home sale) capital gain.  Since I paid no tax in 23, I understand that I do not have to pay estimated taxes in 24 (same for prior year - no tax liability in 22).   If we close and receive proceeds in March of 24, am I ok waiting until April 24 to pay the tax on the gain without incurring a penalty or interest?  I read several previous posts that seemed to indicate this, but they were different in that they did have a requirement to pay estimated taxes based on prior income.  Thanks for the input.

 

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Estimated Taxes for retiree with expected home sale

If you had no tax liability in 2023 you wouldn’t have to pay tax on your 2024 income until April, 2025. 

Jim_NC
New Member

Estimated Taxes for retiree with expected home sale

Thanks - meant to say April 2025!  So no tax due until Tax Day and therefore no interest or penalty?

 

 

Estimated Taxes for retiree with expected home sale

Yes. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies