My parents (non-US citizens) lived overseas and have passed away. On the death of my mother, I inherited their apartment and have recently sold it and intend transferring the proceeds to the US. I am a US citizen, 72 years old, reside in the US and file joint tax returns with my wife.
Question: what are the tax implications for this situation? Thanks for any help.

1. There is no tax on inheritances.
2. Your cost basis of the property is the fair market value at the date of death. You will report sale on schedule D (Form 1040) and report any profit.
Read: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)

There is no U.S. tax on the inheritance. If the value of the inheritance is $100,000 or greater, you need to report it on Form 3520, Part IV. The penalties can be significant for failure to report.