Tax question on sell of an international property

[Keila Rosario]

Hi guys I have a question,

I separated an apartment in the Dominican Republic before it’s construction. The way it works over there is that you can you separate an apartment before it’s construction and pay the downpayment while it’s being built. So I separated the apartment in December of 2017, which cost $102,500. Throughout it’s construction I sent money over there monthly. I just finished paying the downpayment and have invested $34,335 so far. The apartment is ready and the balance left has to be paid. I went to the dr and I applied for a mortgage loan which has been approved. However knowing that this was a horrible investment I decided to list it with an agent for $115,800 (will have a negative cash flow even if rented). I have not signed the loan contracts yet. There’s an interested buyer, and after paying the balance due I would have $38,426 left for me (my original investment email list like 4k in profit). My question is, how would I transfer this money to the states and also will I have to pay taxes on this money. I originally bought the property for personal use thinking that I would be spending more time in the dr. No one has lived in the apartment at all. They just finished the construction. After paying the real estate commission of 5K I would only be left with $4,901 of a profit. Apart from the taxes and transferring the money here, is there anything else that I should be cautious of? I do not know if it’s even considering owning a property when I haven’t even had the title under my name. Just a contract of intention to buy.