How can I lower capitol gains tax on vacant land sell? Florida?

Answer 1

You can't escape the taxes, but if you have good records showing your cost for the property, and you deduct any costs of selling the property, your gain will be minimized.

If you sell it outright you will report the sale on Schedule D and pay 15% capital gains tax on the gain (held for more than one year).

If you finance the sale yourself under an installment contract, receiving payments for more than a year, you won't lessen the taxes but you will spread them out over the life of the contract. On the other hand, you will also have interest income to report.

Answer 2

You can't.

You may be able to defer the taxes if you do a 1031 exchange in which you receive another property but there is no way to eliminate or defer the taxes if you sell the property for cash.

Look at the brightside. Assuming that you held the property over 1 year, the federal tax is only 15%.