You can reduce capital gains tax on your property by taking advantage of the $250,000 / $500,000 home sale exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples filing jointly) from the sale of your primary residence if you meet certain criteria. You can also offset capital gains with capital losses or charitable donations, or use a 1031 exchange to defer taxes by reinvesting the proceeds from the sale of one property into another similar property.