Hello there!
Inherited property is not subject to income tax and does not need to be reported to the IRS at the time of inheritance. Please note that some states have an inheritance tax - so you may need to check your state law.
However, if you sell the inherited property you have to calculate the gain on the sale of the property, regardless of the fact that the property is located abroad. You can claim a credit for taxes paid to the foreign jurisdiction to avoid double taxation. Here is a resource that you may find helpful:
https://turbotax.intuit.com/tax-tips/estates/4-ways-to-protect-your-inheritance-from-taxes/L653s0Kyn
TurboTax software can handle the calculation of a gain on the sale of inherited property, but you would have to handle the conversion from the foreign currency to US dollars outside the software.
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