I've owned a condo for about 15 years as my primary residence. For the last year, I have rented it out. I am now going to sell the property and I want to know how much money I will be paying for taxes for my profit from the sale. I understand I will pay both Capital Gains and Depreciation Recapture Taxes. The online Depreciation Recapture calculators online ask how many years I've owned the property...will the Depreciation Recapture tax be based on the 15 years I've owned the condo or on the 1 year I rented it out?
Original Cost of Condo: $105,000
Selling: $338,000
