If you received a 1099-S from your sale, you're going to get a letter from the IRS, demanding an enormous amount of money. If that happens, please contact TurboTax immediately for assistance. In the worst case scenario, you'll only owe a few thousand dollars in taxes. Whether you owe anything at all depends upon whether you are eligible for the capital gains exclusion, and actually choose to use it. Because of the small amount of capital gain, if you anticipate another qualified sale in the near future, you may wish to pay the tax this time, to preserve the exclusion for later. In any case, the tax is due for tax year 2020, because that's when you had the gain.
Nick K, EA
