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Quote Originally Posted by vvjsv5
I'm looking for a versatile, allaround lens that is fast enough to be used for indoor sports, tack sharp for portraits, and provides sufficient reach

At the risk of being the bearer of bad news, you're not going to find that, and especially not in that budget. Versatility generally means a zoom lens. I think the lens that comes closest to fitting your description is the EF 70-200mm f/2.8L IS II - but at $2500 it's well over your budget. It's versatile, tack sharp, and has decent reach, however, it's only f/2.8 (the fastest available on a zoom lens, but not really fast in absolute terms).


Choosing a lens means compromise. An f/2.8 lens might be just barely fast enough for indoor sports (if you're willing to tolerate the noise of ISO 1600 at least, and the gym is well lit). Chances are, you'll need an extra stop or more of aperture, and that means getting a prime lens (and sacrificing the versatility of the zoom).


For indoor sports, the best lens by most accounts (for a relatively reasonable cost) is the EF 135mm f/2L. The EF 200mm f/2L IS is 'better', but costs over 5x your stated budget. 135mm is good for capturing action from the bleachers, which is what most people are looking for (if you can stand under the net, use your 50mm f/1.4). The 135mm f/2L is also a 'tack sharp' lens. However, on a 1.6x crop body like yours the 135mm focal length is rather long for indoor portraits - since you have a 70-200 zoom, you can set it to 135mm and see what you think of the framing where you'd plan to take portrait-type shots. Outside where you can back up, the 135mm f/2L is great (you might need ND filters to use it wide open, though).


For indoor portraits, the lens of choice in your budget would be the 85mm f/1.8, IMO. It's the right focal length for tight shots (children, head/shoulders of adults), and if you need wider you've already got the 50mm f/1.4.


A focal length compromise for you might be the 100mm f/2. It's the 'budget' recommendation compared to the 135mm f/2L, still fast and sharp, a little longer than 85mm (and that's pretty much the only difference between the two). It's not 135L sharp, but it's still good.


Quote Originally Posted by vvjsv5
For the most part, this lens will be used more for indoor basketball.

Given that and your budget, I think your best choice is theEF 135mm f/2L.


Good luck with your decision!