Taxes on Selling Rental Property

[Kaela Kennedy]

Hi All-

I own a rental property in Northampton that I’m contemplating selling. The comps show I could sell it for about $40,000 over what I paid for it five years ago. I lived in the condo for two years and then moved out three years ago and have had one one tenant. 

It’s my understanding that I would have to pay some heavy taxes on the money I profit if I sell the condo. Does anyone know about how much I would lose of the profit due to those taxes? If more info is needed I’d be happy to update with better figures.