In 2021 we sold our rental property. We were under the assumption that we wouldn't have to pay capital gains taxes since we make jointly under $80,800. Now that we know that we will have to pay taxes on the allowed depreciation of the property, if it is over $1,000, do we have to pay a penalty. If you have a tax payment due over $1000, are we penalized by the IRS (because we somehow should have known) and paid the tax bill during the quarterly tax payment dates?
