@mtischer wrote:- New cost basis: $333,000
- July 2020 sold condo for $349,000
Using Turbo Tax 2020 I get the following results after the sale:
Total Income: $65,600
Taxable Income: $36,930
Tax Due: $2700
You were eligible to claim depreciation while it was a rental. That lowers your Basis.
So let's say you were eligible to claim $40,000 in depreciation. Your Basis is now $293,000, and after the selling price your gain from the sale would be $56,000.
Your "total income" may also be from your Social Security. Some of your Social Security may become taxable if you have enough 'other' income.
