How can I avoid/reduce capital gains on sale of rental property

[Daniel Montano]

Hi, I am curious on what can be done to avoid/reduce capital gains tax on a property I sold. I know I could have done a 1031 exchange prior to selling but we did not plan to continue investing in real estate, we wanted to cash out.

I've heard a lot of different things, but not sure what can realistically be done. We did not live in the property so we can't be excluded from taxes that way. I do have a business and was wondering it the gains could somehow be "rolled-over" into the business as an investment but have read nothing online about that as an option. My only other idea I know of is to basically take the tax hit with the possibility of reducing some of my overall taxes if I expect to report loses on my business this year.

If anyone can provide any insight I would really appreciate it!