Estimated taxes

What is the name of your state? North Carolina

I receive a military retirement. 50% of it is not taxable due to disability status. I am married and my wife does not work. I haven't had to pay any taxes and so have filled out EXEMPT on the form W4 so taxes have not been taken out of the portion of my retirement pay that is taxable. I recently changed the form to tax the pay as married. I have inherited some rental property that will provide approximately $15,000 income per year. Do I have to file and pay estimated taxes on this? After property maintenance and utilities cost etc. the net income will be around$10,000.
Thanks

[Snipes5]

If you have rental property, you have to file a return regardless of income.

Whether or not you have to pay estimated taxes depends on how much the income is.

Have you taken depreciation into account when figuring expenses? Depreciation is a valid expense, and in most cases is required.

Bring your paperwork and income estimates to a tax professional who can give you a more precise answer to your question.

If you draw Social Security, some of that may be taxable also.

Snipes

[abezon]

If you just inherited the property this year, you won't need to pay estimated taxes in 2004, but may have a big bill next year. There will be no penalties as long as you pay in as much as you owed the previous year. Since you owed nothing in 2003, you don't have to make advance payments. File 2003 return just so you establish the zero tax liability.