Phil, Thanks for the rundown on the taxes...Just let me paraphrase to make sure I have it right...1. The depreciated part is counted as ordinary income for that year and is pegged to the bracket it puts you into... 2. The long term rate also depends on our bracket; higher than 15% bracket is 15%, but 15% bracket is 5%We estimate by following Schedule D.Kathleen, We are not, at this moment considering replacement rentals... We may, however, in the future in order to find a more suitable home for ourselves when we sell our present home... Sell a rental for a rental, then move in to the new rental...For the moment, we have entertained the idea, but think that maybe we should stick it out with the big mortgages for a while and then do the replacement instead of the outright sell of the rental property... It is so tempting to get to a place with no mortgage at all, but probably not financially sound in the long run...Thanks for letting us know about the many ways that we get to pay our taxes...Anne
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