My mother is selling an investment property in a foreign country and she wants to gift the proceeds to her two adult children living here in the US. She is a US citizen who travels regularly. We would like to know if there is a way to reduce the taxation impact in the US for both parties, receipient and gifter.

As the recipient, you will owe NO taxes.

As the giver, your mother will probably have to file a gift tax return, but likely will NOT pay any gift taxes, because she will use part f the Unified Credit in her estate to offset any gift taxes due.

I failed to mention that the property is real estate valued at approx $150K. Will the no tax still hold true to this case.

Yes, still no tax.