If you are a recepient of a large inheritance coming from International to States and you open an account to receive the funds what are your obligations to the US if any upon receiving this money? If you never had alot of money before who do you turn to for advice on handling your money? If you then give a portion away are you responsible for a gift tax on the money? Can the money sit in your account until you know what to do with it or does the government tax you on your savings if it is alot of money in millions?
What if you are told it is an inheritance but since you are not from that country are they telling you the truth or are you responsible if they have not told you the truth of where the money orignated from even though you have received documentation from an attorney that the money is rightfully yours. Thank you for your response to this new situation.

AtlantaTaxExpert

If you receive money from outside of the U.S. by electronic funds transfer, you may have to be ready to explain the source of those funds. However, no taxes will be due.

If you leave the money in the bank, that money will earn interest, and the interest IS taxable.

IntlTax

Green, you sound as though you don't know where the money is coming from. You state "What if . . . they have not told you the truth of where the money orignated from even though you have received documentation from an attorney that the money is rightfully yours." How did you learn about this "inheritance"? It sounds like it may be a scam. Did you learn about this inheritance via email? Have they asked you to send them some money to have documents notarized or to pay taxes to free up the funds? If they are asking you for money for any purpose, it is probably a scam. If you did not find the attorney yourself and hire him with your own money, you should be skeptical of anything that this person states.

AtlantaTaxExpert

IntlTax makes valid points; I had not considered the possibility that it may be a scam.