Question

3rd quarter or 4th quarter payment? sold rental property august 31st.

Forum|Forum|4 years ago
November 30, 2021
1 reply
0 views

I sold my rental property in New Jersey on August 31st. The money didnt come into my account till a day or two.

I am trying to pay estimated taxes on the state of NJ website. Should the payment be applied to 3rd quarter or 4th quarter?

Thanks.

TurboTax Live Premier Online

Critter-3

Depends on your state ... if there is a 3 day hold where the sale could be cancelled then 4th quarter.

H

hdurina84Author

Never heard of this rule for sale of property before.

Any links to support this?

Critter-3

If there was no mandatory hold then it is a third quarter sale ... it could be the Direct deposit took a day to clear the bank.

Call your real estate agent or the lawyer/closing company and let them explain why you did not leave the closing table with a check in your hand or a direct deposit to your account.