@hoyasaxa73 , first we need few items of information from you to answer your questions properly:
(a) Are you and your spouse US persons ( citizen / GreenCard / Resident for Tax Purposes ) ? If you / spouse are not citizens then when did you become US persons ?
(b) How ( buy/ inherit / gift ... ) was the property acquired ? When was the property first put up for rent ?
(c) Was the rental income from the property ever recognized for a US return ? and if not why ?
(d) Are you and your spouse residing in the US currently ?
Generally the taxation of income in the USA proceeds without regard to the tax laws of another country. There are some rule changes dictated by a tax treaty between the US and another country. But these are mostly on which country may tax which income ( and how ) of a resident of one country earning an income in another country.
In the situation outline by you , US will tax the income as if the property was located in the US under its own laws. Obviously , Columbia will tax the disposition under its laws ( without regard to US laws, even though one of the owner may be a resident of US ). This double taxation of the same income ( by US and Columbia) is generally eligible for tax credit .
My personal choice for such complicated situations is Home & Business Windows version of TurboTax. It is a bit on the expensive side but covers all situations.
While this situation and the filing thereof is a year away , please answer the questions I have raised so we can prepare you better for 2024 tax year ( foiling in 2025 ).
pk
