Taxes on sale of 20 year rental property
Retired couple, no income this year other than Social Security in the amount of $75k. We sold a rental property that we held for 20 years. It was not rented this year. It was an older home when we bought it and did require renovations to make it habitable. We did not depreciate this property and believe it was not eligible to be deprecated. Purchased for 45k, 25k to make habitable, 275k sale price. Question: How much tax will we need to pay on the gains of 205k of proceeds?
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