Investment Property Loss Tax
How do you file est. income tax payments when you don’t know what your income/loss will be from investments
We will have income from IRA and Social Security and know now what those amounts will be. We have investments that are currently losing money, but who knows what the year-end will look like. We will also be able to itemize due to mortgage interest, property taxes.
I have filled out the Est Tax Worksheet and we wouldn’t owe any taxes because of Itemizing. So, do we still have to file est.?
Estimated taxes are paid in four installments through-out the year. You make the “best guess” based on the information you do have. If at anytime during the year an investment situation changes, you then adjust your next estimated tax payment to cover any discrepancy. As long as you don’t owe over $1000 dollars at the end of the year (2008) there will be no penalties for underpayment of estimated tax.
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