My wife and I own outright a condo in So Daytona Beach, FL. Our primary residence is in Wyoming.
We would like to sell the condo in Fl and should realize about $50,000 above purchase the price. I plan to take the money from the sale of the condo to pay off the main residence in Wyoming and a few other bills.
Would there be any tax liability other than long term capital gains and the slight depreciation recapture? Further, how will this affect our personal income taxes? The wife and I are both retired and should not be in a high tax bracket. Any other information you require, just let me know.