How profit earned on a flat booking taxed?

I had booked a flat in the year 2007. After that construction started. The construction is now complete. I wish to sell the same to a buyer even before the flat being registered in my name, i.e. the sale deed will be between me, the builder, and the buyer, which will be executed in Feb 2012. I will earn some amount from this sale. How the income tax will be levied on this transaction. Whether it will be a capital gain, and if so, short term or long term?

Do I need to pay income tax on the interest I earned on foreign investments?

I have an house in another country and at moment I am renting it.
Do I need to pay tax on the rental income? Do I need to declare that I own an house in another country? At moment I already paying tax in that country.
Thanks for your answer.

Yes, I am in US and I live and work here. The house in another country and I pay already tax on the propriety and I already pay tax on the money that I earn for the renting.

Anyway, how can I found in US one rofessional tax preparer. I was thinking to use Turbotax software also.