To defer taxes on the gain in the sale of the residential rental property, you would have needed to do a Section 1031 Exchange BEFORE the sale was finalized. You missed this opportunity. As far as the sale of your personal residence, the first $500,000.00 of profit is exempt from tax. If you made more profit than that, you can roll it over into a new personal residence and not pay any tax on that providing the house was your primary residence for two of the last five years.
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