Avoiding Capital Gains Taxes

[Justin Brown]

Hello! My wife and I own a vacation beach rental property. With the market going crazy, we are evaluating selling the property (along with some other reasons). The area I am having trouble with are the capital gains taxes we will owe if we are able to sell at our desired price. We purchased the property last summer and would be hoping to close on a deal shortly after 1-year of owning it. Any tips/good resources are appreciated! Just hoping to find some way to avoid losing so much of the gain to taxes!