Hope someone can help me out on this one. How do you figure out what taxes are owed on the sale of a rental house? I know my tax basis, my accumulated depreciation, but don't know what to do with the tax basis. Do you deduct your mortgage loan, real estate and repair fees and tax basis from the sale price and pay taxes on the rest? I've been trying to reach my accountant for three days, my real estate agent doesn't know, and I've just spent over a half hour of frustration on various search engines.YOU are my only hope!
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