He'll Sell the Rental in June and Owe the IRS $90,000 in April. He'll Send Them Exactly What He Paid Last Year, in Four Installments, and the Penalty on the Rest Will Be Zero

He'll Sell the Rental in June and Owe the IRS $90,000 in April. He'll Send Them Exactly What He Paid Last Year, in Four Installments, and the Penalty on the Rest Will Be Zero

Selling a rental mid-year can trigger a massive tax bill, but the penalty calculation has nothing to do with the size of your gain. The answer lives in a single line on last year's return.

He’ll Sell the Rental in June and Owe the IRS $90,000 in April. He’ll Send Them Exactly What He Paid Last Year, in Four Installments, and the Penalty on the Rest Will Be Zero

The post He’ll Sell the Rental in June and Owe the IRS $90,000 in April. He’ll Send Them Exactly What He Paid Last Year, in Four Installments, and the Penalty on the Rest Will Be Zero appeared first on 24/7 Wall St.. The rental closes in June, the proceeds hit your account, and the next question…