I agree with @ColeenD3, however, because the property you sold was an investment property you could avoid capital gains using the 1031 exchange. But... you could not purchase another personal residence, you would have to purchase another investment property.
Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.
follow this link for more information-
Like-Kind exchange
