Tax question on rental property

[Les Tindell]

We are selling a rental property that we used to live in... Our original purchase was $36,000 back in 1994. We lived in the house from 1994 until 2010. It has been rented out for the last 5 years. We are now ready to sell. The market will probably be in the $85,000 range. My question is: how do I determine the capital gains for this coming year? Will it be ($85,000 - $36,000) * 20% ? Are there other factors that I should consider? Thanks LT