My husband at the time and i built a home and our initial loan was for $130,000 in 1998...we moved in and took the next 12 years to finish the house, paying out of pocket.
We divorced in 2009 and now the loan would be $264k after a refinance.
I having been renting this house for three years this month (June) Prior to that I lived in it.
I would like to sell it...I really cant get more than $290,000 out of it...I just need to know if I will be paying capital gains? My basis on depreciation when I started renting was $255k...so will I owe capital gains if say I sold it in October of this year? I know there is some sort of basis...is it based on the $130k? or the $255k? I want to make sure I get enough out of it to cover any taxes etc...don't want to end up owing anything extra...this is the way short version on this story...thank you for any help. T