do I have to file a quarterly tax

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  • Mohamed YoussefBusiness Member
    Accountant · Brea, CA · Member since 2018 · 111 posts · 61 votes
    1y

    Hi Sandra, as soon as you can estimate the amount of gain you will recognize from the flip you should pay an estimated tax on that amount. Until then, no need to make any estimates since the amount of gain can't be calculated.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    1y

    You may be required to make estimated tax payments when the property sells.

    It depends on what your 2024 total taxes due were and 2025 estimated total taxes / withholding / estimated payments are.

    If you pay in atleast 90% of the current year tax or 100% / 110%(Depending on 2024 income), you are normally considered good.

    You may want to consult with an accountant for more clarification.

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