[fantasma]

Hi everyone, I am trying to get some advise on a house sale. I currently live in Ca. with my brother and mother. My Dad passed away 4 years ago in another country (Ecuador). My father lived in the U.S.A. and also in Ecuador however he owned a house where my mom and dads name is on.
We are about to sell the home and reacive a big amount of money 700k and we want to bring the money to the states and invest.
-Do we have to pay taxes to bring the money over?? If so how much?
-can we open an account and just get it transfered/wired to an offsea account or to my regular checking account in the states??
-What are the tax laws that involve these type of transactions.
***I am basically inheritang this correct?? The house is paid for no balance... I am very stressed out , Should I hire a tax lawyer or a financial advisor??
I know these are a lot of questions but if some one can kind of give me an idea on how to go about this...
Thanks!

[AtlantaTaxExpert]

First and foremost, you need to contact a LOCAL tax professional with experience in estate taxes and California and federal income taxes. This is NOT an issue that should be worked with advice from a free tax forum.

That said, you will probably owe some transaction-based taxes in Ecuador, and possibly some income and/or inheirtance taxes in Ecuador as well.

In my opinion, no U.S. estate or California inheritance taxes are due because the size of the estate is so small.

There MAY be some tax due for the capital gains on the sale, but those will be minimal because the basis of the house was "stepped up" to the fair market value of the house on the date your father died.