Capital gains on sale of second home

Taxes
1

Hello,

Selling a second home in January 2023 and expect to have capital gains that would result in thousands owed in taxes.
My question is if I wait until the 2024 tax season to pay what I owe, will I wind up paying extra in interest and penalties? If so, should I pay estimated taxes in 2023 to avoid this?
All answers and strategies are greatly appreciated!

2

You may find this easier:

https://www.hrblock.com/tax-center/irs/tax-responsibilities/avoiding-underpayment-tax-penalty/

3

Thanks so much!

4

Also… here’s an IRS online interview, I think its anonymous, that might help you decide if you need to make estimated tax payments.

5

Thank you very much for taking the time to reply! Much appreciated.