Thank you so very much to all that responded - talk about an eye opener, gees. This is not what I expected after selling a rental property at a signficant loss. However, after everyone explained I guess it makes sense - depreciation subtracted from total original paid purchase and selling price splitting the difference as taxes owed.
Note, taxes now owed are $16K vice $30K - had forgotten that I lived in the condo from 2011-2013 after returning from abroad and then July 2013 to present/time of sale in 2020 it was a complete rental (ergo, last time I resided in the condo was July 2013).
After amending the date it changed the amount of taxes owed. Rest assured, it still hurts - a lot!!! And lesson learned the hard way, never buy property in USA again. Thank you.
