Three paragraphs each: What are three basic typical deductions for homeowners as to federal taxation? What is the tax significance of section 1031 of the IRS code?

Three paragraphs each: What are three basic typical deductions for homeowners as to federal taxation? What is the tax significance of section 1031 of the IRS code? Explain the impact of depreciation as to real estate and its tax impact. What is the significance of basis in real estate transactions? How might the Fair Market Value Date of Death matter as to some real estate transfers?