I have a property in Costa Rica that I may be selling soon and want to know about the tax implications of the sale. I will likely not be selling it for much more than I have into it but maybe will end up a $10- 20 K profit.

Can I accept a US bank check from the seller who is also in the US and then deposit the funds into a CD or some other account? And what do I need to report to the IRS? The whole transaction or just any profits?

Also, I have been advised to open an offshore account and keep this money outside the US.

Thank you for your advice!

You will have to pay capital gains tax on the profit.

The advice to put the money in an overseas account is bad because it smacks of tax evasion.