Yes, that is correct, your foreign real estate taxes are not deductible on Schedule A. You can include them as part of your basis.
When you sell a property, the gain is calculated by subtracting your basis (normally your purchase price) from the selling price. If the selling price is more, you have a gain.
Because you inherited this property, your basis is the fair market value (FMV) at the time of the original owner's death plus any adjustments to your basis. You are allowed to add the taxes that you paid to your basis.
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