Both are good answers. They assume you are a US person for income taxes (that means a citizen or green card holder anywhere in the world, or a resident alien.)
Money you inherit is not taxable. However, if the amount (coming from overseas) is more than $100,000, you must report it. You must also file an FBAR report if, during the year, you own or control a foreign bank account worth more than $10,000 US equivalent.
Property you inherit is not taxable. (Property includes real estate, personal property like jewelry and other items, and investments like stocks, shares and bonds.) However, if or when you sell the property, you may have a taxable capital gain, if you sell it for more than the fair market value on the date the previous owner died. You may want to spend some money for a proper appraisal to document the value.
Income generated by inherited property or money is always taxable (bank interest, stock dividends, rent, etc.)
Some countries might levy an inheritance tax on the heirs. This tax is not eligible for a foreign tax credit on your income tax since it is not an income tax, but an inheritance tax. However, if you pay an inheritance tax, you can use that to adjust your cost basis.
With real estate, you need to know your cost basis. When you sell, your taxable capital gains is the difference between the selling price and the cost basis, regardless of the amount of actual cash that comes out of the sale. For inherited property under US law, your cost basis is equal to the fair market value on the date the previous owner died. You can increase your cost basis by the cost of improvements you make the to property. You must decrease the cost basis if you use the property in business or as a rental and take or are entitled to take a deduction for depreciation. Unlike some countries, cost basis is not adjusted for inflation under US law. If and when you sell the property, you calculate your US taxable gain income using US law, even if the foreign country calculates your tax in a different way. It may be to your advantage to pay for an appraisal now, to document your cost basis, and keep with your important tax papers for when you sell.
