large capital gain tax due

[DHi2020]

I sold my condo and need to know when this year I have to pay my capital gains tax. It is unclear when I have to make my payment. I do not know if I might suffer the wrath of the IRS if I pay next year at filing, or do I have to pay this quarter, June 15? I know the exact amount(s) I have to pay. The variable is due to learning that the gross sale price is added to the top of my adjusted income, which I declare as unfair but oh well, and I will be right at the $517K threshold to invoke the 3.8% penalty or enter the sliding 15 to 20 percent variable capital gains rate. Going to work hard to make sure that does not happen.

Nutshell: When am I required to pay capital gains on real estate sale? At the quarterly filing deadline for the quarter sale occurred, or by the next quarter, or may I delay until filing 2022 taxes?

[LudwigVan_fan · Accepted solution]

If this condo was your personal residence, you might be able to exclude part or all of the gain.  Link for info

https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips

https://www.irs.gov/forms-pubs/about-publication-523

If you have to include all/part of the gain, you don't have to pay tax all at once.  You would pay estimated taxes.

https://www.irs.gov/faqs/estimated-tax

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

[DHi2020]

Thank you - it is considered an investment property. I appreciate the links so I can start my payments instead of the lump sum.