My grandmother passed away and I inherited 120K (Euros) from her, what are the tax implications if I want to transfer these money from her german bank over to my account? I have Charles Schwab and Fidelity accounts, can I transfer the money directly into my accounts and would there be a penalty by US government, since I live and work here here...

There are no inheritance taxes imposed by the US federal government, so there is no worry there. A few states do have inheritance taxes - so tell us what state you are living in and we can look into it for you.

I am currently in TX

Also, what would be the best way to transfer money? A wire or just a check from her account?

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Originally Posted by bezerker77

I am currently in TX

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Good news - Texas does not have an inheritance tax.

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Originally Posted by bezerker77

Also, what would be the best way to transfer money? A wire or just a check from her account?

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Whatever works. Wiring is quicker - I suggest you call customer service at Schwab or Fidelity and ask about transferring in Euros from a foreign account. If instead you get a check drawn on a foreign bank your local bank may not cash it for you, and would probably charge a fee for the currency conversion.