My mother sold a home in Portugal last year and we are 3 siblings. Inheritance laws in Portugal stipulate that property is divided between spouse and children. After the sale of the home we will all be paying Portuguese tax on the sale of the property. Do I have to declare or pay any tax in the USA to the IRS for this transaction? I do not have any foreign bank accounts or funds anywhere. The proceeds from the sale went into my mother's Portugal bank account which she will be declaring on her IRS tax returns for 2020.
