turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Mikey22
Returning Member

Tax implications on purchasing and selling an off shore agricultural property

Tax implications on purchasing and selling an off shore agricultural propert

I qualify as US tax person. I plan to purchase a land from my parent who is ill and wishes to ensure that the land is transferred in my name and later distributed to my siblings a few years down the lane. The way the laws in this off shore country work, and the general risk with 'gifting' or inheriting it, the land is better 'sold' to me on a fair price(perhaps sold now in the form of promise of payment later) and then at the time of distribution to my siblings, 'sold' back. Furthermore, while I will own it, the lease/rent we get on the land( around 4000 USD) will be gifted to my parents.

 

 

 

I will be sure to hire an international tax lawyer when filing these but for now, I was hoping to just get a sense of what tax implications on these transactions I should be expecting. 

 

 

 

Thank you. I appreciate your help and expertise. 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Tax implications on purchasing and selling an off shore agricultural property

Purchase of the land = no tax implications

 

Income earned on land rental =  taxable income to you and  reported on a Sch E

 

Gifted money = no income tax implications  however gifts of over $16K per person per year required a gift tax return to be filed however in most cases no tax would be owed. 

Tax implications on purchasing and selling an off shore agricultural property

Triplicate post

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies