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Shall I assume that since you mentioned deductions, you meant that your taxable income is $38,000, not that your adjusted gross income is $38,000?

Do you file single, married filing joint, etc.?

From what you said, the condo was placed in service in about 1985. I guess then you were using 15-year ACR rules? If you have really fully depreciated the condo to zero, then the entire sales price will be taxable...

If you clarify these issue I am sure you will get a more specific response.

Mike Lynch
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