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Dear PoPville – Paying Taxes on Home Sale Profits?

by Prince Of Petworth July 23, 2013 at 2:30 pm 22 Comments

taxes_dc_real_estate_sale
Photo by PoPville flickr user Nivad

“Dear PoPville,

I sold my house in DC in May for $467,000 more than I paid for it. I know I don’t have to pay tax on $250,000 of the profit since I lived there for 14 years and I’m not married.

I was planning to have a tax professional prepare my 2013 return next year and pay the capital gains tax I owe. Do I have to make any estimated pre-payments to either the IRS or the DC OTR in 2013 to avoid a penalty?

Also, any recommendations for a good person to prepare the return would be appreciated.”

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