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Question

We sold our home and will need to pay a capital gains tax for the sale. Will there be a penalty if we had no withholdings for the amount of the gain?

Forum|Forum|11 months ago
October 16, 2025
1 reply
27 views

If we do need to have to pay withholdings, how do we send that in to avoid a penalty?

TurboTax Online

Level 15

@USM Professor not knowing the full scenario / antecedents, only general answer is possible:

(a) Here is info on estimated payment -- IRS is promoting direct payments ( rather than physical checks ) --->

2025 Form 1040-ES;

(b) If the prop. was used as main home/ residence then depending on meeting the eligibility requirements ( at least one person owning the prop. for 2 years and both filers having the prop. as main residence for a total of 730 days with a look back period of five years from the date of sale closure ) you may be able to exclude up to $250,000 per filer from taxation.

(c) Some states also require estimated tax payment on sale of prop.

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