What taxes should I expect from selling an investment property?

Here is my situation:
I own a property I am renting out. I've owned it for 3 years now. The tenants wish to buy it from me. I'm not opposed.

I know I will have to pay capital gains taxes.

I believe the taxes I pay is tax on the profit of the sale, the profit being the selling price, minus the basis. The basis being the amount I paid plus the amount of any improvements I have made, minus any improvements I have already deducted, correct?

So for example: I paid 100k for it. I put 40k worth of improvement into it. I've already deducted 20k off my prior years taxes. I sell for 200k. I'd pay taxes on 80k worth of capital gains, yes? (200k - (100k + 40k - 20k))

That being asked, since it is a long-term investment (over 1 year) the taxes should be... what? the maximum of 15%? Or am I wrong in assuming that.

Just trying to get my ducks in a row before I make any decisions.

Regarding the tax professional... what might someone expect to pay for that kind of advice? I've never consulted a tax professional before and have no idea what something like that might cost. Thanks

If the basis of your property is $140,000 and you have been depreciating it for three years, you have approximately $15,000 of depreciation.

When you sell the property, the first $15,000 of gain is going to be taxed as recaptured depreciation. The maximum tax rate on this is 25%.

Any gain in excess of the recaptured depreciation is taxed as capital gains. In case the property has been held for more than one year, the maximum tax rate is 15%.

There are options for you to consider in structuring the disposition of this property which may reduce or defer taxes on the gains. See a tax advisor knowledgable in this area to advise you how to proceed.

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