Assume value of land is included in calculations. And no, I don't wish to do a 1031 exchange.
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If your basis in the house (excluding the land value) before depreciation was $46,000 and your cumulative depreciation is $32,000, then you have an adjusted basis of $14,000 ($53,000 - $14,000), then you have a long term capital gain of $39,000.
If your basis in the house (excluding the land value) before depreciation was $46,000 and your cumulative depreciation is $32,000, then you have an adjusted basis of $14,000 ($53,000 - $14,000), then you have a long term capital gain of $39,000.
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