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bezerker77 · May 26, 2010, 07:20 AM

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...

ebaines · May 26, 2010, 08:50 AM

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.

bezerker77 · May 26, 2010, 09:46 AM

I am currently in TX

bezerker77 · May 26, 2010, 09:47 AM

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

ebaines · May 26, 2010, 10:33 AM

Originally Posted by bezerker77

I am currently in TX

Good news - Texas does not have an inheritance tax.

Originally Posted by bezerker77

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

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.