Selling after owning multi family for 1.5 years

[Jehanzeb Beg]

Hello,

I am located in Chicago, IL looking to sell my 2-flat after owning for a 1.5 years. What type of tax I will have to pay on the property? I owned-occupied one unit and rented the other

[Mitch Kennedy]

If possible, I'd recommend staying in the property for 6 more months. Based on the situation around the country, I'm guessing you've gained a pretty serious amount of equity in the home and if you sell now you'd have to pay capital gains tax. If you stay in the property until 2 years you wouldn't have to pay tax on up to  $250k of your gain.