The gift received as inherited property is not taxable. But, you must report it with IRS by filing the Form 3520, if the gift received exceeds $100,000 for the year. This is not subjected to any tax but is just an informational form.
Note:The information presented here is generic and may not be accurate. Please consult your CPA, tax expert or tax attorney for specific tax advice and inquiries.Visit IRS Website for US tax information.