Your understanding of your tax situation, as you laid it out in your question, is correct. The capital gain that you realized upon the sale of your rental property would be $182,400, which would be taxed at a rate of either 0 percent, 15 percent, or 20 percent, depending upon your federal income tax bracket. The portion of the gain attributable to depreciation is taxed at a rate of 25 percent.
Any rental losses that had been previously disallowed because of the passive activity loss rules will now be allowable because you have completely disposed of the rental activity. Accordingly, you will be able to deduct your suspended losses of $228,194, and these will offset your other ordinary income, such as your wages, interest and dividends, etc.
