In 2003, I bought a property in New Jersey for $465,000 to use as a vacation home. I'm planning to sell it, and I think that I'll get around $685,000. I rented it out for several weeks the first year I owned it, but not since then. I have put money into it for renovations totaling $25,000. I currently make over $350,000.
How do I estimate my capital gains for 2014? Do I need additional information to estimate this? Have the laws changed since last year or are they about to change for 2015?