The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Quarterly Taxes||Date: 8/15/1997 7:47 PM|
|Author: mcarso1||Number: 185 of 119695|
Hey guys, need a tax expert -
One of my relatives is getting ready to sell a large chunk of stock. They are going to be hit with about 20K in long term capital gains and their current annual income is about $140K. Since I am sure that this will wake up quite a few people at the IRS, what is the obligations for paying taxes? Do they need to pay taxes immediately or within the quarter?
Also, they were flagged several years ago for under-withholding because they sold some stock. Since the IRS seemed to have difficulting understanding that this was a one time gain, a hub-bub insued.
In otherwords, what is the best way to handle this whole mess?
PS: If you can recommend some IRS pubs we can look this up in, I would appreciate it. 550 and 590 don't seem to cover it (or I am blind)
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