Assuming you do not attempt to defer the tax using a 1031 exchange…
You do not have a capital gain. The asset was not held for a year. The tax on the profits (sale price minus purchase price minus allowed expenses) will be treated as ordinary income. As if you had received a raise or bonus at work.
You will take a bit on the taxes.
No one every turned down a raise because they might have to pay further taxes so think of it as the same.
I purchase a condo 5 months ago for $170,000 as an investment property. I have a contract to sell it for $220,000. I was wondering, what type of taxes I am looking to pay for my capital gain?