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Hello and thank you for using Just Answer,Your capital gains will be on the difference in cost plus the improvements and then the sale price less commissions and cost of sale.Right now that means $55,000 of gain.
You are also going to have to look at the recapture of depreciation. This means you will have to add back the depreciation you took over the years while renting and pay regular tax on that amount.
If there were any years that you were not allowed to claim all your losses that amount is used in the year of sal eot reduce the gain.
Your tax rate will depend on your total income.
Then there is something new that started in 2013.
The unearned income Medicare contribution tax is an additional tax of 3.8%. This tax is in addition to any regular income taxes. The tax is calculated by multiplying the 3.8% tax rate by the lower of the following two amounts:
I hope this information is helpful as you look to estimate your potential tax.
Respond before you rate positively if you need to ask further and thanks again.
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