If it was your principal residence you may qualify for the home sale exclusion. if it was rental property, you had to do a section 1031 exchange which would require a qualified intermediary to hold the funds from the sale. Other rules apply to an IRC section 1031 exchange. Based on the limited information you provided, it would seem this was not your principal residence and you did not follow the rules of the code section to defer the gain. Thus, the gain on the sale of "THE PROPERTY" will be fully taxable.
