Tax implication from selling property abroad
My wife has a property in Latvia that we want to sell. The property was privatized by her (it was owned by the USSR government before). . That was her primary residence before she moved here in 1999 and her mom lived there since. What would be the tax implication of selling this property and bringing money to US?
I would like to add that Latvia gave option to citizens back then to privatize the apartments for minimal money (around $3000) and now this apartment worth about $70000
Thanks in advance