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July 28, 2021
Question

Capital gains payment

  • July 28, 2021
  • 1 reply
  • 0 views

I am selling my home after 30 years in California, and after determining the cost basis and exemption, I will be incurring a taxable capital gain for Fed and the additional income for state totaling about $50k. When do I need to pay, now, or when I file for this tax year? Obviously, I would like to not pay additional interest or penalties.

    1 reply

    Loretta P
    July 28, 2021

    Hello,

     

    If you expect to owe taxes it is better to make estimated payments.  

     

    Here are some links regarding estimated payments you may find useful.

     

    https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

     

    https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-common-questions/L1luHqVdl

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