I understand that even when converting, one keeps the purchase price of the home as the basis; that would also have been the lower of (purchase price or FMV at time of placing it as a rental). At least, that's my recollection of the quick help in TT.
After a brief review, I can see that the $156k TT says I made in house sale is the sum of (actual increase in value of home, minus expenses) plus depreciation (6139) sum over the years it was a rental, for a sum of $156k.
Assuming that's legit (is that how it should be?!) then why is my tax increase so high? I see the jump from (~$3k owed to me) to (I owe $30k or so) as being an increase in $33k in taxes, but 15% of $156k is $23.5k. How can I see where this is computed?
