@timkug , agreeing with my colleague @Critter-3 , just wanted to add that
(a) you need to keep record of your Acquistion cost
(b) depreciation in case you are renting out and reporting on Schedule-E
( c) cost of any improvements.
You will pay taxes on the gain when you dispose off the property.
Note all reportable figures in US$ at the time of transaction.
Does this help ?
