I retired at the beginning of this year. I'm only getting income from rental property and not enough for the need to pay estimated taxes. So I made no estimated payment for the 1st quarter this year. I sold my home in May and will have a capital gain of $250k above the home owner exemption. I am looking at a tax liability for this year of about $40k. Last year my tax liability was about $14k. How can I handle the estimated tax payments to my best advantage?
