purchasing rental property abroad (Costa Rica)

[Javier S.]

Hi,

I live in the US but am interested in purchasing a Costa Rican rental (for rent and eventual sale) with my parents who are Costa Rican.  They have done this before and they establish a company as a 'sociedad anonima' (or SA) which I think is a C Corp equivalent.  So the idea is I pay for a third of the property and I will receive a third of the rent after expenses and Costa Rican taxes.  I want to start understanding what this implies in terms of US taxes I have to pay.  Since this company is a Costa Rican entity, will it have to pay US taxes (it already pays Costa Rican taxes which is like 20%)?  or do I only have to worry about paying my individual US taxes when I receive my portion of the rent?  Can I use the Costa Rican taxes that the entity pays (e.g. 20%) and use it for my individual taxes as foreign tax paid?

Thanks,

Javier