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UPDATED FOR TAX YEAR 2019
Unless you have sufficient withholding from other income to cover the taxes on the farm rental, you should pay quarterly estimates of taxes.
You can estimate what your 2020 taxes will be using TurboTax, following these steps:
The new siding on the barn should be entered as a depreciable asset, not an expense, since it is considered an improvement of the property.
[Edited | 4/15/2020 | 9:49am PDT]
UPDATED FOR TAX YEAR 2019
Unless you have sufficient withholding from other income to cover the taxes on the farm rental, you should pay quarterly estimates of taxes.
You can estimate what your 2020 taxes will be using TurboTax, following these steps:
The new siding on the barn should be entered as a depreciable asset, not an expense, since it is considered an improvement of the property.
[Edited | 4/15/2020 | 9:49am PDT]
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