To give you a *ROUGH* estimate, your taxable gain is figured as follows:
- What you paid for the property plus;
- The cost of any property improvements you paid for while you owned the property, minus;
- The total amount of depreciation taken on the property while you owned it, minus;
- Your other carryover losses.
Typically your carryover losses already include depreciation.
Subtract the above total from your sales price and that's your taxable gain. If you send the IRS at least 20% of that gain then you'll be fine come tax filing time, assuming tax withholding on any other income you receive is sufficient of course.
Finally, if your state taxes personal income you may need to pay a quarterly tax estimate to your state also.
