If there's a gain it's taxable. A loss is not deductible. Gain or loss is the sales price less what was paid for it plus the cost of any improvements.
"How can that tax be reduced?" Sorry to point this out but that should have been posted in 2023 as early as possible. We don't have enough information to know if there is anything that can be done in 2024 to reduce the 2023 taxes like putting money into an HSA or retirement plan if you qualify. Just about anything would require more cash out of pocket than the reduction in taxes.
