Sale of Rental Office Building- Depreciation Recapture&Cap Gains

[Raj Saxena]

Sale of Rental Office Building -

want to eyeball these calculations -

We are retired now, & our annual taxable income is 50k from the rental building & another 75 k from Investment Portfolio (Dividends + Cap gains).
We file a Joint Tax Return on $125 k income

We built a Rental Office Building in 1999 for 450k, we have taken Depreciation (No Land Cost) totalling about 210K, let us suppose the proceeds after we sell the building - selling transaction costs are 500k.

I am assuming the following, please correct me if I am wrong -

Adjusted Cost Basis = 450 - 210 = 240 K

Depreciation Recapture = 210 k (500k - 240k ) at 20% = $42000
Capital Gains = 50k (500k - 450k) at 15% = $7500



Total taxes owed = $42000 + $7500 = $49500

$500k (Net Proceeds) - $49500 (Taxes) = $ 455,000 Net after Taxes paid

Am I going wrong ??