@enginecaptain , all that the 2nd home implies is that it is personal property and NOT an income property --- thus there is no expense deductions, no depreciation allowed etc. Your basis in such a property is acquisition cost and cost of any improvements, repair expenses are not deductible. Also since there was no rent paid to you, there is no Schedule-E reporting over the years i.e. there was no earnings.
The long term gain that you have on the property is a taxable gain ( ONLY your main home qualifies for gain exclusion ) and will be generally taxed at your capital gain rate ( based on your AGI ) of 0%, through 20%. Most people pay 15%.
Does this help ?
