I am receiving a large inheritance from a relative that was living & passed away in China. What are the tax obligations if I bring this money to a US bank?

ANSWER

The BIDaWIZ Team's Answer:

There is no US or Georgia inheritance tax on money inherited from a foreign relative living in China; granted they weren't a US citizen living abroad. However, you would be required to report the money if over $100,000, for security reasons using IRS Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.