Hello @jester11, this question would be better asked to a tax expert or accountant. They would be able to give you options on how to handle taxes owed for sale of property. Thank you!
Howdy young man, You can do a real estate exchange which means you have X amount of time to use the funds to purchase another property. zero taxes. As a professional to do it correctly. As far as reducing your taxes after the fact.... may I suggest in the future finding out before the sale.... however, quality accredited investment professionals that provide advice on a fee basis should be able to tell you the current after the sale options. If they are acredited by the IRS as well, it would be good.