Deductions & credits

Yikes. you did a 1031 exchange without understanding its tax consequences. it's used to avoid getting taxed on the gain when real property is sold.  as such a 1031 exchange is NOT a fully taxable transaction.   wonder if you stepped through all the hoops of a 1031 transaction. miss just one and the 1031 fails and you are taxed on the entire gain.  see a PRO.