I am selling my mineral rights. My tax man says I must immediately pay the state and federal income taxes from the sale. I thought I would report and pay them when I file my 2025 return next year. Can anyone address this?
Your tax advisor is generally correct. Their advice will keep you from paying penalty and interest as well as have you pay while the funds are still available.
James has a good point here and generally you do that when you pay your quarterly estimated taxes.