Tax Question - Florida Condo

[Frank DiGiorgio]

Hi All,

I recently sold a single family home in Orlando - Bought for $378k,  Financed $275k invested $100k, sold for $640k just over a year later.   Within one week I bought a condo for $275 in Tampa and paid cash.   

I was told I couldn't utilize a 1031 exchange because the second property had a lower value than the first, so I didn't bother with a 3rd party 1031 holding company.   Is there anything I can do at this point to lessen the tax burden for my profits on the Orlando home? 

Any help would be appreciated!