Capital Gains and Losses

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I was 50% owner of farm land sold in 2015. I received $48,000

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I was 50% owner of...
I was 50% owner of farm land sold in 2015. I received $48,000 as my part of the sale.
We thought that we would be able to do our own taxes this year, but now need to involve a specialist.
In the meantime, I need to file for an extension, but I and send the IRS a check now for the amount that we need to pay or pay penalties later. How do I figure out how much to send the IRS?
G'ma P
Texas
Submitted: 1 year ago.Category: Capital Gains and Losses
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Answered in 51 minutes by:
4/15/2016
Tax Expert: Angie, Tax Preparer replied 1 year ago
Angie
Angie, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 226
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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What you send to the IRS is an "estimate" of what you think you owe. Any amount you pay now will help with penalty and interest later. No payment is required with the extension however to avoid being penalized on the entire amount you owe it is advisable to send payment. As far as figuring it, without doing the tax return, I cannot begin to speculate, you will need to come up with your best estimate and go that route. The entire $48000.00 won't be taxable to you. Only the gain on the sale. So, my suggestion would be to figure the gain and add it to your taxable income from last year and figure the tax at the same tax bracket you were in then. If you overpay they will refund you, if you underpay at least you won't be penalized on the amount you DID pay.
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Angie
Angie, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 226
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Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.

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