I made ( 70k net profit) money off the sell of a rental property. How can I reduce my capital gains tax. ie charity or an ira?

[kfite10]

I've owned it for 20 years with no mortgage.

[rjs]

The tax on capital gains is not a separate tax. It's just part of your overall income tax. If the gain is long-term, as yours is, it's taxed at a lower rate than other income.

You didn't say when you sold the property. If you sold it in 2023 it's too late to do anything to reduce your tax. If you sold it in 2024, there's still not much you can do to reduce the tax. If you will have enough itemized deductions to exceed your standard deduction, contributing more money to charity will reduce your tax. If you are eligible to make a deductible IRA contribution, that will reduce your tax. If you have other investments with unrealized losses, selling other investments at a loss will offset the tax on the capital gain from the property. But as tagteam said, it will not offset the tax on the depreciation recapture.