Purchased in 1985 for 60,000. refinanced in 2000 for 110.000. Depreciated during rental years & no longer claimed as rental 2015-2018 while improvements were being made. Sold for 305,000. (gross proceeds on 1099 S) How do we report sale since it is no longer a rental? How do we figure the cost basis and what can we claim as far as improvements?
Thank you.
