Hi and welcome to Just Answer!
1. Reporting requirements...
As US residents - you are required to report on your tax return all your worldwide income - regardless it is earned in the US or abroad and regardless if you keep the money abroad of transferred them to the US.
You do not need to report the fact of having a property in the US. Reporting requirements are only for financial accounts.
you should report a foreign account by
-- completing boxes 7a and 7b on Form 1040 Schedule B - http://www.irs.gov/pub/irs-pdf/f1040sb.pdf .
-- you are a subject of FBAR reporting if a foreign account value is above $10,000. The form to use is TD F 90-22.1 - this form is mailed separately. There is no tax associated with these reporting.
In additional - you need to file form 8938 - because your amount is more than $50,000 www.irs.gov/pub/irs-pdf/f8938.pdf - that form is attached to your tax return.
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.
Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return, starting this tax filing season.
You need to report your rental income and corresponding rental expenses on your tax return every year. You will use schedule E - www.irs.gov/pub/irs-pdf/f1040se.pdf
Here are instructions - www.irs.gov/pub/irs-pdf/i1040se.pdf
Only your NET rental income is added to your other taxable income
The sale transaction
of your rental property is reported on form 4797 - www.irs.gov/pub/irs-pdf/f4797.pdf
part of your gain attributable to depreciation recapture will be taxable as your ordinary income - the maximum tax rate is 25%.
The rest of the gain will be classified as long term - taxable at reduced rate - not more than 15%
Let me know if you need help with reporting.