Selling an investment property that we used to live in? We're trying to figure out our tax liability if we were to sell a property. We paid $529k for it in 2005. We lived in it up until 2011 and then rented it out and it's been a rental ever since. We've put roughly $90k into it in improvements since we've owned it. But I believe we've been taking advantage of the depreciation deduction on it every year but I have to confirm that. We are planning to sell it for roughly $550k.
What other info would I need to get before I can get a clear idea of what our tax bill would be after we sell it? |