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Updated over 5 years ago on . Most recent reply

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Sigurd Panke
  • from Coeur d'Alene, ID
  • Member since Mar 30, 2018
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Sigurd Panke's profile image
Sigurd Panke's profile image
Sigurd Panke
  • from Coeur d'Alene, ID
  • Member since Mar 30, 2018
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Sigurd Panke
  • Coeur d'Alene, ID
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Buying & Selling Real Estate

Pre-pay federal tax to IRS on sale of rental home?

Sigurd Panke
  • Coeur d'Alene, ID
Posted

I'll be closing on the sale of a rental home on 1/2/20, and will incur around $15k in long term capital gains taxes on the sale. 

Do I need to pre-pay the IRS some taxes, or can I wait until April 2021 when I file my 2020 return? 

Please refrain from replying if the main point of your reply is to tell me to seek professional advice from an accountant. 

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