[japan1500]

Cash inheritance from a family member is to be tranfered from japan's bank to my California bank account.Does this need to be reported to IRS and how much tax % is to be paid if any, estimated amount is several million $$$.

[joypulv]

Federal estate tax in 2012 starts at 5.12 million. CA currently has none (I believe). For 'several million,' I would hire a tax preparer.

[AtlantaTaxExpert]

There are NO transfer taxes on the transfer, though that amount of money in a transfer WILL have to be reported on Form 3520, which is an INFORMATION return submitted to the IRS.

Neither the United States nor California has any inheritance taxes, and since the inheritance originated overseas, there are no estate taxes.

I agree with Joypulv; given the amount of money involved, you should be consulting with a CPA or enrolled agent on this issue, and NOT seeks answers from a public tax forum.

[alexoscarew]

California does not have a state inheritance tax, but potential beneficiaries should be aware of a number of tax-related issues. Some assets received by intestacy or bequest may be subject to taxation despite the absence of a state inheritance tax.