The property I inherited is real estate. I want to sell it in 2010-2011 and wire the money to USA.
I really don't know what documents I need to keep and present in the USA for taxes.

QUOTE," . . . and wire the money to USA.I really don't know what documents I need to keep and present in the USA for taxes. "--- if the amount of money coming into the US from Russia via wire transfer( into your bank account) exceeds or equal to $10,000 , then your bank will report the amount to the IRS( US Treaury Dpt).That doesn't mean to pay any form of taxes on the money transferred into the US from overseas.Federal law requires that all banks report any cash deposits made in excess of $10,000 in the hopes of discouraging money laundering, rather than tax evasion. "wires" from abroad require the same information.
but, REMEMBER! You must file IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts,suppose, during the current tax year, you receive
Gifts or bequests valued at more than $100,000 from Russia and the the formis due on the date of the filing your income tax return -- including any extensions of time to file.
The IRS, however, does not impose a federal estate tax on inheritances received from overseas or a foreign country. Most all states(excpet some states,i.e, Connecticut, Indiana, Iowa etc) also follow this guidance and also do not assess an estate tax on property inherited from overseas.

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Originally Posted by henry1938

The property I inherited is real estate. I want to sell it in 2010-2011 and wire the money to USA.
I really don't know what documents I need to keep and present in the USA for taxes.

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If you are a U.S. citizen or resident, you must report the sale of the property on schedule D (Form 1040). Your cost basis of the property depends upon the year you inherited. If you inherited in a year other than 2010, your cost basis is the fair market value on the date of inheritance.
If you paid taxes in Russia, you will also file Form 1116 to claim foreign tax credit.
If it is your main home, then a gain of up to $250,000 is not taxable.

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Originally Posted by wnhough

QUOTE," . . . and wire the money to USA.I really don't know what documents I need to keep and present in the USA for taxes. "--- if the amount of money coming into the US from Russia via wire transfer( into your bank account) exceeds or equal to $10,000 , then your bank will report the amount to the IRS( US Treaury Dpt).That doesn't mean to pay any form of taxes on the money transfered into the US from overseas.Federal law requires that all banks report any cash deposits made in excess of $10,000 in the hopes of discouraging money laundering, rather than tax evasion. "wires" from abroad require the same information.
but, REMEMBER! You must file IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts,suppose, during the current tax year, you receive
Gifts or bequests valued at more than $100,000 from Russia and the the formis due on the date of the filing your income tax return -- including any extensions of time to file.
The IRS, however, does not impose a federal estate tax on inheritances received from overseas or a foreign country. Most all states(excpet soem states,i.e,.Connecticut, Indiana, Iowa etc) also follow this guidance and also do not assess an estate tax on property inherited from overseas.

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I understood you this way: I don't have to pay federal or state (Georgia)taxes for sold inherited abroad propery. I just need to inform IRS by my Annual Tax Return about the source of money transferred into my bank account.
Is it correct?
Thank you very much fot your time.

Actually, Form 3510 is used to inform the IRS about the source of the money, and that form is filed AT THE BANK to where the money is transferred,