Hal_Al
Level 15

Investors & landlords

What additional taxes do I owe?

 

That depends on your total income and whether your $14,553 gain is long term or short term.  Long term capital gains (LTCG) are taxed at 0% until your taxable income reaches the 22% tax bracket.  The portion of the LTCG in the higher bracket is taxed at 15%.

 

As others have suggested, you need to prepare an amended tax return.

 

For a quick look, you can try this tool: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the sale to see the effect.

Enter the $14,553 as LTCG.  Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%.