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I sold a piece or commercial real estate in March of 2009 which

Customer Question
I had held for15 years...
I sold a piece or commercial real estate in March of 2009 which I had held for15 years. I have an adjusted gain of approximately $165,000. When is the tax due? Can I defer the tax until next April when I will have some losses to offset the gains?
Submitted: 8 years ago.Category: Tax
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4/1/2009
Tax Professional: Lou, Tax Preparer replied 8 years ago
Lou
Lou, Tax Preparer
Category: Tax
Satisfied Customers: 404
Experience: 25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Hello and thank you for contacting JustAnswer. We appreciate the opportunity to be of service to you.

 

Yes the tax will be due by April 15 of 2010.

 

You will report the gain on Form 4797.

 

Here are links to the 2008 instructions & Form 4797:

www.irs.gov/pub/irs-pdf/f4797.pdf

 

www.irs.gov/pub/irs-pdf/i4797.pdf

 

If you have any further questions on this topic be sure and get back to me.

 

Lou
Lou, Tax Preparer
Category: Tax
Satisfied Customers: 404
Experience: 25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Customer reply replied 8 years ago
Dear Lou,

Thanks.

I had two different opinions from local tax preparers and yours agrees with the one I prefer as I would like to invest the funds for the year and get some interest (however small in this market). I read somewhere that gains obtained in the first quarter were due by October?


Thanks for your opinion.

XXXXX XXXXX, Scarborough, ME
Tax Professional: Lou, Tax Preparer replied 8 years ago

The question of when taxes are due is a tricky one. Ultimately all taxes due will be due by the filing date.

 

Keep in mind that estimated payments are required, especially if the tax liability is affected as a result of income increases.

 

If you do not make the estimated payments in a timely manner then you could be subject to underpayment penalties.

 

I cannot advise you not to make those payments but you have to weigh the potential gains you might accrue against the potential penalties & interest for underpayment.

 

Here is a link to an IRS Tax Topic that will assist you in determining what your potential underpayment penalties might be:

 

www.irs.gov.taxtopics/tc306.html

 

If you have further questions on this topic, get back to me.

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Lou
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