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“Question: If I sell my properties in South Korea, how's tax work in US?”========>>>>Then, you MUST pay long term- or short term capital gain tax(es) , depending on the holding periods of the properties to Korean taxing authority(ies). Selling a property in Korea is the same for income tax purposes as if the property were in the U.S. You need to convert the transaction to U.S. dollars at the time of purchase and sale and report it on a form 8949/Sch D of 1040. The transaction is converted to U.S. dollars by using the prevailing exchange rate for the local currency at the time of acquisition and sale. If the transaction results in a loss, the loss is deductible only if the property was held for investment or used in a business.Since you are not subject to double taxation, you can choose whether to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit by filing form 1116 or as an itemized deduction on Sch A of 1040.You, to claim your CG taxes paid to Korean taxing authorities on your US returns, fed and state returns,  need to file form 1116 to report your taxes paid to Korean taxing authorities on 1040 line 47 or you can itemize the taxes on Sch A of 1040  line 8. The saving grace is that as Korea also taxes the transaction, a foreign tax credit should be available to credit against the U.S. tax. Depending upon Korea's tax rate compared to the U.S., the credit will be up to the amount of U.S. tax paid on the gain. For 2013, At the federal level,  the long-term capital gains tax rate will be 20% (0% for taxpayers in the 10% and 15% tax brackets) as long as your marginal tax rate is 25% or higher..


“ I will be paying property or sales tax in Korea fully. Do I need to pay additional tax in US?  “===>>>>No. (HOWEVER, in the case CA state, you still need to pay CA  capital gain tax on your CG that you earned in Korea on your CA return, so you are still subject to double taxation in CA state. If you make your living off capital gains, CA is probably not the best place to settle down. While in places like TX, capital gains are not taxed at all, in CA they are taxed up to 10.33 percent ).Double taxation on your income (in this case capital gains)earned from abroad typically can be avoid .As long as you paid your LTCG taxes to Korean taxing authority(ies), you can claim it on your US fed return. The IRS doesn’t know if you paid your LTCG taxes to Korean taxing authority(ies) . You must provide certain documents ,i.e., notarized copies of foreign tax return(s), checks, copy of sales agreement form overseas,or etc before you can get approved for FTC.
NOTE: The primary capital gain exclusion that many individuals take advantage of is excluding part of the gain on a personal residence.  You are eligible for this exclusion if you have owned and used the home as your main residence for at least a period of two years out of the total five years prior to the sale.  You can exclude up to $250K (or $500K for a married couple) on your overseas tax return.  In fact, if you plan on excluding this income, the IRS does not want you to report it at all.You can generally only use this exclusion once every five years.
  If your home state is CA state, then, for more info on CA Capital gain tax, you need to contact the CA BOE;http://www.boe.ca.gov/info/faqs.htm