Re: capital gains tax

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: capital gains tax
Date: Thu, 6 Aug 1998 18:55:55 -0400

Next Article (by Author): IRA expenses part of contributions, or separable? Stephen Brodeur
Previous Article (by Author): Re: Asset Allocation , part 2 Randy Barnes
Articles sorted by: [Date] [Author] [Subject]

>We just closed on the sale of a piece of land and have a capital gain on
>the sale.  Do we need to pay the tax now or can we wait until April 15?

It depends.  :-)

Your best bet is to get the 1998 Form 1040ES from the IRS (it's
on their web site) and complete it.  If it tells you that you
don't have to pay estimated taxes, then in all likelihood you
won't have to do anything.  You'll just have a higher bill (or
a small refund) come April 15.

If it does indicate that you'll need to pay estimated taxes,
you can either do so or you can fill out a new W-4 form to boost
your paycheck withholdings and eliminate the need to pay estimated
tax.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1



- -

Go to Jeff Salisbury LWGate Home Page.