Page 1
Page 1
Started By
Message

Need help with cap gains taxes

Posted on 5/11/25 at 12:43 am
Posted by Redstickbaw
Member since Jul 2023
93 posts
Posted on 5/11/25 at 12:43 am
I may have made a mistake but at this point the damage is done. Earlier this year I sold some of my etfs and will owe approx $8k in long term capital gains taxes. Do I need to mail in a quarterly tax payment on these gains or is it ok to wait to deal with it during tax season? I typically get refunds in the 8k range so it’ll end up being a wash with my refund. Are there any moves I can reduce this tax before tax time this year. I sold a portion of my holdings to payoff my house. I know it doesn’t make financial sense but it’s what I wanted to do and the damage is done.
Posted by horsesandbulls
Destin, FL
Member since Jun 2008
5014 posts
Posted on 5/11/25 at 12:54 am to
You can likely hold off on the payment until tax time next year but don’t have enough info to confirm that.

Excluding your 8k in cap gains taxes, will you have 100% of your 2024 total tax liability (110% if your 2024 AGI was over 150k) paid into the IRS through federal withholding on your W2 wages, quarterly estimated taxes or any other withholding?

If so, you are likely fine.

Honestly, you should consult with a tax professional and have them look at your total tax picture to get a specific answer.
Posted by slackster
Houston
Member since Mar 2009
89812 posts
Posted on 5/11/25 at 12:33 pm to
quote:

Are there any moves I can reduce this tax before tax time this year.


Do you have any unrealized losses? Harvesting those losses can offset the gains.
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on X, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookXInstagram