GAO - Opinions from IRS Code (IRC) violation cases, IRS Pubs, FSAs, TCMs and Reports GAO-20-210 - IRS Could Better Inform Taxpayers about and Detect Noncompliance Related to Unconventional AssetsThe list could go on, but most of you are probably way bored by now. 

@Michael CoteIf the property is owned as tenants in common(TIC), the rental activity would be reported on each taxpayer's return based on their interest in the TIC.

They would have to figure out how to reconcile that to report a property that they havent been reporting.So basically there's a mis match between who the IRS perceives to be the tax payer for the property (you). 

Tax payments are personal expenses and the interest will not be deductible.

Even if you purchase another property for the same price that you are selling, you're locking in a higher property tax payment which is not ideal.  

There will be a lot of complexities including regarding estate taxes as well as income tax. Paying

I'm aware that full time realtors typically do quarterly tax payments to avoid penalties and to minimize their tax burden once April 15th comes but I'm wondering if that's still required/recommended for me since I only did that one deal and also pay taxes as a W2 worker?

It's sick and twisted.I would just like to have the government house those who are forever homeless AWAY from the towns, out in the country paid for by the taxpayers for the benefit of the taxpayers.Giving them a 'Hand Up" works for the short-term homeless people (those who have experienced some misfortune but can get back to normal with some help) but it seems like a large swath of them need to be "cared for" indoors by the government.If that is sick, twisted or smug, then so be it, but living outdoors on city streets will not cure their drug behavior or their mental illness either.There are two separate issues here:[1] "America" has a homeless problem.[2] The Homeless have drug problems and mental health issues.I am focusing on issue [1], you are focusing on issue [2].Just my 2 cents.

This is the perfect solution because it helps those in need, helps landlords and prevents fraud on the US government, so it helps the tax payer (you and me).

When the taxpayers demolished their existing principal residence, built a new home on the land, and sold it before ever occupying it, the Tax Court ruled the gain resulting from the sale of the never-occupied home did not qualify for exclusion under IRC Sec. 121 (Court case: Gates).Not sure if Gates applies here, because nothing would be added to the formerly residential land, only removed from it.