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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2308
Experience:  Certified Public Accountant
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I sold my home in 2016 and realized capital gains in excess

Customer Question

thanks. I sold my home in 2016 and realized capital gains in excess of the $250,000 exemption that I can claim as a single homeowner. My question is this: is the capital gains tax due by Dec. 31st, or do I just pay it when I file my tax return in April 2017?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: no, that no that's it
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 9 months ago.

You would be responsible for paying the capital gains by April 15th.

Customer: replied 9 months ago.
Thanks!
Expert:  Mark Taylor replied 9 months ago.

Generally you would have until April to pay the tax. You would want to make sure that you have 100% of what your total taxes were last year deposited (110% if your Adjusted Gross income was greater than $75,000). This would potential underpayment penalties. The 4th quarter deposit would be due by January 15th.

Expert:  Mark Taylor replied 9 months ago.

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