# Capital gains on sale of second home

**URL:** <https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571>\
**Category:** Taxes\
**Created:** [November 3, 2022, 6:20am UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571 "2022-11-03T06:20:14Z")\
**Posts on this page:** 5\
**Page:** 1

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**Author:** ![JakeW](https://avatars.discourse-cdn.com/v4/letter/j/4af34b/32.png) [@JakeW](https://community.clark.com/u/JakeW)\
**Post date:** [November 3, 2022, 6:20am UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571/1 "2022-11-03T06:20:14Z")

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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!

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**Author:** ![fuzzbutt](https://sea2.discourse-cdn.com/flex016/user_avatar/community.clark.com/fuzzbutt/32/94_2.png) [@fuzzbutt](https://community.clark.com/u/fuzzbutt)\
**Post date:** [November 3, 2022, 7:02am UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571/2 "2022-11-03T07:02:10Z")

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You may find this easier:

[https://www.hrblock.com/tax-center/irs/tax-responsibilities/avoiding-underpayment-tax-penalty/](https://www.hrblock.com/tax-center/irs/tax-responsibilities/avoiding-underpayment-tax-penalty/)

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**Author:** ![JakeW](https://avatars.discourse-cdn.com/v4/letter/j/4af34b/32.png) [@JakeW](https://community.clark.com/u/JakeW)\
**Post date:** [November 3, 2022, 8:34am UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571/3 "2022-11-03T08:34:46Z")

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Thanks so much!

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**Author:** ![H200h](https://avatars.discourse-cdn.com/v4/letter/h/e79b87/32.png) [@H200h](https://community.clark.com/u/H200h)\
**Post date:** [November 3, 2022, 3:27pm UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571/4 "2022-11-03T15:27:42Z")

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Also… [here’s an IRS online interview](https://www.irs.gov/help/ita/am-i-required-to-make-estimated-tax-payments), I think its anonymous, that might help you decide if you need to make estimated tax payments.

> **[Am I Required to Make Estimated Tax Payments? | Internal Revenue Service](https://www.irs.gov/help/ita/am-i-required-to-make-estimated-tax-payments)**
>
> ITA Home
> 
> This interview will help you determine if you’re required to make estimated tax payments for 2022 or if you meet an exception.

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**Author:** ![JakeW](https://avatars.discourse-cdn.com/v4/letter/j/4af34b/32.png) [@JakeW](https://community.clark.com/u/JakeW)\
**Post date:** [November 3, 2022, 8:20pm UTC](https://community.clark.com/t/capital-gains-on-sale-of-second-home/1571/5 "2022-11-03T20:20:53Z")

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