[dlinh747]

Hello,

I lived in USA for over 35 yrs and I'm a naturalized US citizen. recently my brother sold the land which was left by my parent, after divide along family members, I will inherit a large sum of money (approx 700K USA dollars). Do I have to pay tax in US and what is the best way to transfer or wire the money to US?

Thanks,

[Fr_Chuck]

A bank to bank transfer, would be the best way, to have it moved directly to your bank.
You will need to see if the sending bank, and or the receiving bank has any special rules from that specific country. Also there is an additional number beyond your account and routing number that the bank will supply you for such a transfer.

I guess I would ask what Communist County, since like in China and most communist countries, people do not actually own the "land" the government owns the land, but the people merely own the buildings on the land.

Large money transfers will be looked at, for many reasons, including taxes, money laundering, criminal activity, terrorist activity and more. So your transfer will be viewed by many departments from most likely several governments. But nothing can really be done about that.

I live in China, a communist nation, own a home, work and so on. I send money back and forth to the US all the time. I found a bank here in China, that has connections with one US bank, so my money transfers are done very low cost.

[dlinh747]

Thank you for your answer, the country is Vietnam and my family (parents, brothers, sisters) did own the land, just me who escaped the communist long time ago so my family didn't have my name on the paper. Now the land is sold, the money will split between the children, I guess my portion I have to file with the IRS as inheritance money?

[Fr_Chuck]

Another expert on taxes should be here in a day or two,

But this amount is small and from my research would not have any inheritance tax due.