If you are selling the property less than 1 year after you bought it for an amount greater than your basis then at the very least you will be required to pay short term capital gains tax. In addition, you may be subject to an additional 3.8% tax. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). I included a link below for your reference. I don't specialize in taxes so I would highly recommend that you talk to a tax professional first.