On July 2006, I bought a vacation home in the Dominican Republic, used it as vacation home for a few seasons but it did not work out for me and the family and therefore sold it on March 2009. Total capital gain was $50K

What taxes are owed to the US GOV on this property?
Do I have to complete the FBAR form TD F 90-22.1?

Thanks for your help on any light you can shed for me.

GreenV

You probably will have to complete the FBAR Form TD F 90-22.1.

You have to report the sale of the vacation home on Schedule D and pay capital gains taxes on the $50,000 capital gain.

The maximum federal tax rate on the gain will be 15%. You may also owe state income taxes on the gain.