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JLB99
Returning Member

Sold a 2nd home

Will have to pay taxes next year for this year’s sale. Just want to be prepared for filing my taxes!
3 Replies
DanPaul02
Level 7

Sold a 2nd home

Yes, you will have to pay taxes on the capital gain from the sale of the second home..  You need to calculate the amount pf gain now.   You may need to pay estimated taxes now in order to avoid a penalty for underpayment of 2021 taxes.

JLB99
Returning Member

Sold a 2nd home

Thank you for your response. I will check into the estimated tax situation. What I was hoping to learn was what deductions I could realize against those capital gains. Can you direct me?

tagteam
Level 15

Sold a 2nd home

Read through the relevant section of the IRS publication at the link below.

 

https://www.irs.gov/publications/p523#en_US_2020_publink100011887

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