Estimated taxes after sale of home

[DW3034]

We sold our home 4/18/2022 that we lived for over 30 years.We received a 1099 that day.We understand we will need to pay estimated taxes and will make a payment this week.We have estimated our basis.Is there a calculator for figuring what payment we should make each quarter and will there be a penalty for not making a payment that was due on the day we received the funds for the sale of our home?

[tagteam · Accepted solution]

If you are married, you most likely can exclude up to $500,000 of gain from the sale of your main home if you file a joint return with your spouse.

[tagteam · Accepted solution]

You can also avoid an underpayment penalty if you owe less than $1,000 in tax after subtracting your withholdings and credits, or if you paid at least 90% of the tax for the current year, or 100% (110% if your AGI for 2021 was more than $150,000) of the tax shown on your return for the prior year, whichever is smaller.