Paying Capitol Gains taxes must occur when?

If you sell your home before 2 years is up, do you pay your capitol gains with your yearly tax return, or within a certain time period of the sale? (Let's assume that Yes, I do have to pay capitol gains.) :) Thanks!

2012-05-10T11:32:19Z

ps - The last question I asked on here, I chose a best answer and made a thank you comment to the responder. Then, 3 weeks later, Yahoo sends me an email saying to choose a best answer. So, I don't know what the glitch is, but I always choose a best.

mrreliable35992012-05-10T13:01:52Z

Favorite Answer

It's just like any other income. If you owe more than $1,000 at tax time next year, you're going to have an underpayment penalty. The tax is pay-as-you-go. If you're going to owe more than $1,000, you need to send in an estimated payment when you sell your house.

10

CarVolunteer2012-05-10T19:10:22Z

You pay with your tax return for the year of sale. There is a chance that your tax bill for the year will go up enough that, depending on your other income and withholding, you should send estimated tax payments using form 1040-ES.

10

tro2012-05-10T20:05:01Z

you report the gain in the year of the sale
there were days 'in olden times' one could delay for two years, but that abandoned eons ago!

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