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Tax on Capital Gain |
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If I sell some commercial property and have a capital gain, how soon after the sale do I have to pay? And what would be the % in California?
Thanx! |
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You might have to make a withholding payment at the next quarter-year: the 15th of January, April, June, or September. If you didn't, you could be hit with interest charges and perhaps with a penalty. Then again, you might not have to do that at all. It depends on how big your gain is, how much difference it will make in your eventual tax bill, and also on whether you are already withholding quarterly and if so, what you based this year's estimate on. As you can see, this really will go better if you consult a tax professional. As a real estate investor, you should have your own CPA on tap anyhow. Sorry, but I don't know the California rates. |
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Edith
Originally published on August 6, 2007 |
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