My husband purchased a house in 2003 for $150,000.In 2010, the house became a rental, but the fair market value of the property (less the land) was about $110,000 and we were depreciating $3,958 per year.In 2013, the house was sold for $142,000. We also paid closing costs of $4,000 and real estate commissions of $8,520.I am trying to run an estimate of our taxes in TaxAct, but the software is showing a gain on the property of $32,000, plus reclaimed depreciation. Is that right? Or user error on my end?Can you point me to the publication that would deal with this transaction?Thanks so much for your assistance.
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