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Deductions & credits
As Critter#2 pointed out, at the time of the sale you could have set it up as a Section 1031 exchange of like kind properties and have rolled forward any gains. However, since it appears you took possession of the sale proceeds, that opportunity is lost.
For more info: https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031
May 31, 2019
6:28 PM