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How much doi i send for estimated taxes if i sod usiness…

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How much doi i...

How much doi i send for estimated taxes if i sod b usiness property i owned for 33 years and made 340,000

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I donbt think so al i want to do is send my estimated amount

Submitted: 9 months ago.Category: Tax
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10/12/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 9 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

When say business property, do you mean a business or rental property? If it is rental property, the information below applies.

If you gain was actually $340,000, the capital gains rate will be 20%. $340,000 x 20% = $68,000.

-----------------------------------

Even though you walked away with $340,000, that does not mean that you incurred a gain of $340,000 on the property. In order to determine if you actually incurred a gain, start with the cost basis (purchase price, improvements and certain other costs). If you sold the property for more than the cost basis, you incurred a gain. If you sold the property for less than the cost basis, you incurred a loss. You might want to refer to the following link for more information regarding determining the cost basis of the property.

http://yourbusiness.azcentral.com/determine-tax-basis-real-estate-14889.html

If you do not require further assistance with this matter, I ask that you please take the time to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 9 months ago

You may be subject to the Net Investment tax as well. SEE BELOW:

---------------------

8. What is included in Net Investment Income?

In general, investment income includes, but is not limited to: ***** ***** capital gains, rental and royalty income, non-qualified annuities, income from businesses involved in trading of financial instruments or commodities and businesses that are passive activities to the taxpayer (within the meaning of section 469).

REFERENCE SOURCE:

https://www.irs.gov/newsroom/net-investment-income-tax-faqs

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