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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.
‎January 15, 2021
7:40 PM