sold rental in Jan 2017 - taxes?

[John Richards]

Hello to all. First, a little background............

I live in ID and this past Jan (2017) I sold an income rental property that was located in NV. I originally bought the house in Oct.2008 and paid cash ($98k), in full, by using a Home Owners ARM Equity loan set up from my primary residence (also in NV, at the time). I never used this house as a primary residence....it was bought strictly as an investment/income property.

When I sold the house this past January ($162k), I wasn't interested in re-investing the $ into another investment property as I think I have Landlord Burnout......so I never really pursued the 1031 exchange program (that's another whole batch of questions, lol).

Does anyone have any ideas what I can do to help reduce/restructure my 2017 taxes to try and reduce the taxes on the financial "gains" for selling the property?

Btw, I also claimed depreciation each year (which I understand I will pay taxes on that also?).

I was hoping to find out that I could reduce my taxes if I parked the gained $ in some type of retirement account but it looks like that is probably just wishful thinking.

Depending on what I find out, I am also thinking of selling my other rental income property (also in NV) in 2018 as I'm trying to cut my financial ties to NV (long distance landlording is terrible).

If anyone has any thoughts, ideas or suggestions...they would be GREATLY appreciated.

Thank you.  :)

John