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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?

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The laws regarding calculating the cost basis haven't changed in many years and I don't believe they're about to change now.

You add all your investments (including renovations, excluding maintenance and on-going repairs) and unclaimed losses, you deduct your depreciation (allowed or allowable) and rebates/refunds, and that's your basis.

About whether you could have/should have depreciate while the property was rented out - talk to a tax adviser (EA/CPA licensed in your state).

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