[rajbir]

My father died few years ago left old house (was part of family for over 100 years) to me, my brother and mother and we finally sold the house. This is in overseas country and neither my father or mom is US resident. I want to bring my share of the inheritance to this country. Do I have to pay taxes on it or report it?

[AtlantaTaxExpert]

If you are a U.S. resident, ALL world-wide income is subject to U.S. income taxes, to include capital gains tax.

Once your portion of the property became yours, it became a capital asset.

Once you sold it, any profit from the sale is a capital gain which is subject to capital gains tax.

The sale of your portion of the home must be reported on Schedule D and the capital gain declared thereto.

[MukatA]

Your cost basis of the property is the fair market value at the date of inheritance. If you sold it for price more than the cost basis, you have a gain that needed to be reported on schedule D (Form 1040). If you paid taxes in India, you will claim Foreign tax credit by filing form 1116.
Also if you have foreign bank accounts, you may need to file Form TD F 90-22.1.