A relative who has always lived and resided outside of the US has left a sizable sum, and now I want to bring it in to the USA to buy real estate. What are my California and federal tax obligations ? How long do I have after receiving the funds, to pay the tax obligations ?

Thank You

Dennis:

First, you failed to define "sizable". What may be sizable to you may not even draw attention to the IRS.

Transferring money into the U.S. in and of itself is probably NOT taxable. However, you may have to explain where that money came from. Remember that, since 9/11, the IRS and Department of Homeland Defense takes real interest in transfers of large sums of money.