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Ultimate Tax Relief
We have a condo that we converted from a primary residence to rental property in 2013.
We never had any positive cash flow. We could never deduct passive losses because our income was too high. We have $42,000 in accumulated passive losses.
Assuming a purchase price of $205,000 and a sales price of $260,000, what would our tax liability be (factoring depreciation)?
United States
Ultimate Tax Relief
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