Tax implications on purchasing and selling an off shore agricultural property

[Mikey22]

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. 

[Critter-3]

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. 

[SweetieJean]

Triplicate post