@Kostas_matak , just generally
(1) the gain when you sell/ dispose off a asset ( in your case a residential property ) is based on the difference between the basis ( i.e. what you spent in acquiring the asset ) and the sales proceeds ( sales price LESS any sales related expenses such as commission, sales preparation expenses, local transfer tax etc. etc. ).
(2) This gain is taxed at rates depending on whether the asset was owned by you for more than one year ( Long Term ) or less ( short-term). Under US tax laws , the long term gains are taxed at a preferential rate ( Capital gains tax rate ) while short-term gains are taxed as ordinary income.
(3) The fact that the property ( asset ) is situated in foreign country does not change anything.
(4) Your basis in the property ( expressed in US dollars at the time of the action / event ) is your purchase price ( plus any commission, lawyer's fees , transfer tax etc. ) + cost of any improvements
Please note that for more specific answers , we need to know your immigration status, your country of citizenship, when did you arrive/admitted to US, whether you are single or married and if so your spouse's immigration status, which state you live in etc.
Is there more I can do for you?
