[quote=SK in CV][quote=spdrun]Quibble: Assuming you were a full year tardy, you’d pay the 3% on the 50% tax (assuming the state rate is similar) NOT the full value of the house. So the penalty hit would be $60,000, not $120,000.[/quote]
I’m not sure what you mean by tardy. If I win the house today, I don’t owe anything substantially different than I otherwise would have owed, until 4/15 of next year. And there will be no penalties.[/quote]
I think you’re supposed to pay estimated tax…That’s where the penalty is from.
