You will have to ask the foreign country if you owe tax in that country.
In the US, you may owe capital gains tax if you sell property** for more than you paid for it, but if you receive less than you paid, you likely have a capital loss. Income from capital gains is taxable but losses on the sale of personal property are not deductible.
**Property includes real property (land plus attached buildings), tangible property (physical items) and intangible property (such as the right to use certain facilities for vacation). So it doesn't matter if you actually owned a share of real property or just the right to use the resort. The calculation of capital gains or losses is the same.
