We have FMV from certified appraiser 22 years ago (upon inheritance) so am confident in value from that date. Additional 2017 taxes are owed due to this sale but we normally owe little (occasional getting a refund) every year. TurboTax is providing quarterly 2018 tax payments even though this is a one-time occurrence. Do I need to file another IRS form explaining the situation or can I just ignore the quarterly payments?
Thank you.
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If this is a one time occurrence then you won't need to make estimated payments, you are okay. The estimated payments are to help keep you from underpaying and getting a penalty.
To determine whether you need to make quarterly estimates, answer these questions:
If this is a one time occurrence then you won't need to make estimated payments, you are okay. The estimated payments are to help keep you from underpaying and getting a penalty.
To determine whether you need to make quarterly estimates, answer these questions:
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