The carryover loss will be deductible in the year of sale against ordinary income you have, such as wages. Any depreciation you were entitled to will be taxable as ordinary income, with a cap at 25%, to the extent you have a gain on the sale. Assuming you lived in the house as your main residence for two of the previous five years, the balance of your gain will not be taxable up to the $500,000 limit if you are filing married-joint.
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