Didn't do a 1031

[Kelly Cloward]

So after reading this forum way too late, I'm pretty sure I screwed up by not using a 1031 exchange for a recent duplex sale. I purchased the property in 2005, and sold it last month for more than I paid for it. I intend on using the proceeds from the sale to purchase another rental (house this time). I'm just wondering what I'm going to be faced with when I do my taxes next year. I'm sure it won't we good.....