Most tax deferment strategies you may have been able to take, like selling underperforming stocks in the same year to help offset the large capital gains or selling it off in smaller chunks are no longer an option.
The best you can do now is contribute to a tax-deferred account like an IRA or an HSA (if you have a high deductible health plan) to reduce your taxable income this year. You have until the filing deadline of April 18, 2022 to make a contribution to one of these accounts. However, if you or your spouse are covered by a retirement plan at work, you may not be able to get a deduction for a contribution this year. See the charts here to determine if this is a viable strategy.
The good news is that since this is a long-term capital gain, it is taxed at a much lower rate than your ordinary income tax rate.
