Yes, the tax due is due in the first quarter of 2020 since you sold the vacant land in the first quarter. Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.Your quarterly estimated tax payments for tax the first quarter of tax year 2020 is due April 15, 2020. To make an IRS online payment, click here.

Question

I have Capital Gains on Vacant Property sold in January 2020, and I pay taxes quarterly. Is the tax due in the first quarter?

Forum|Forum|6 years ago
February 10, 2020
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HelenC12

Yes, the tax due is due in the first quarter of 2020 since you sold the vacant land in the first quarter.

Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.

Your quarterly estimated tax payments for tax the first quarter of tax year 2020 is due April 15, 2020. To make an IRS online payment, click here.

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