@user17524923356 while I absolutely agree with the excellent reply and pointers from my esteemed colleagues @mmaherTE , @dev145 and @SwapnaM , I am still down to basics :
(a) you said you have owned the prop for 30 years ( +/- )
(b) you said that while your were abroad ( 20 years or so ) you rented out the prop and hence probably had depreciation for at least that length of time -- need the real numbers here i.e. when did you buy the prop, for how much, depreciable basis ( i.e. purchase price LESS approx. land cost ), when did you start renting out, when did you stop renting etc.
(c) You said you made major improvements about 15 years ago -- should one assume that this is the time when you stopped renting out the prop?
(d) How did you use the prop. after you came back to the USA -- did you stop renting out and use it as your main residence or what ? I ask because if the prop was used as your main home then gains beyond the accumulated depreciation is eligible for exclusion as primary home up to a maximum based on your filing status. Additionally if one of the owners had passed there is the step-up basis to contend with.
AS you can see there are few unknowns -- we need to know these before one can answer your question tuned to your specific situation.
Is there more one of us can do for you ?
