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Deductions & credits
If you don't have a good handle on this situation I'd advise getting some local competent help. But, essentially, your basis for the original property you gave up in 2000 carries over into the new property and your gain represents the difference between that basis and the proceeds of the sale. A 1031 exchange only defers the realization of the gain.
Tom Young
‎June 7, 2019
3:45 PM