FINAL REPLY (So sorry for extending the conversation on this, but your answers have really helped give me some kind of idea of what I might be paying in capital gains):
The original closing on this condo happened on April 1, 1985. I don't think the title company back then is around anymore (I DO have the original deed since the mortgage was paid off in November of 2014). I paid a LOT in interest before the mortgage was paid off (13.5% for 4 years and gradually got the interest down through refinancing to 7.5% interest). I am guessing that interest paid on the original sale price does NOT count? Also, the condo built since the fire, is VERY DIFFERENT from the condo built in 1985 due to new building codes, mandates from the city to include fire proof materials (hey, the condo burned down, after all), high efficient HVAC, double glazed windows, etc. The building (6 condos) is actually 4 foot bigger footprint and stands 4 feet higher...the federal govt. reclassified the condo as 'commercial' instead of 'residential' when it was originally built, and subject to commercial codes like dry walling under the stairs to the basement and basement dry wall ceiling even though it wasn't finished before or after the fire. The HOA declarations/covenants required the HOA to (at the time of the fire) rebuild everything with claim funds from their insurance policy. I also had to continue paying my HOA fee ($393) each month since the fire even though I had no house using water or trash or anything, until it was rebuilt.
ALL records I had from the original build were destroyed in the fire so I have no idea what closing costs and fees I may have paid back in 1985.
I thought simply that I would be paying 20% of the gross sales of this house on Dec. 16th and looking at a tax amount of $62,000 to pay to the IRS- if I can get by with less than $20,000 to pay, I will feel better. All the accountants and CPAs in my area have refused to offer me any help for any rate due to the fact that none of them are taking on new clients, so I am alone and you are the only person to offer some information. I will take your advise and try and decipher the IRS publications you recommend to read to see if I can figure out some idea of what I will be paying and what additional forms are required.
THANK YOU AGAIN FOR YOUR VALUABLE TIME!
-Andy
