Selling a Home Abroad

[Mark Jackson]

Hi,

My parents are selling a home in Gambia West Africa. The property will sell for roughly 100K. We want to start investing in real estate here in the states with the cash from the sale. Does anybody what what the tax implications of abroad income from a property sale?

Also, my parents don't have the best credit so I the plan is to buy properties in my name. Would it possible for my parents to transfer the 100k to the account of an LLC in my name while avoiding capital gains taxes? Would the IRS accept the fact that the money is being reinvested in real estate even though the money changed hands?