<prompt> Human: I am a 20 year old US citizen attending college. My grandma in China wants to will her house directly to me when she passes away. Right now, she is in good health but I want to be prepared when things happen.My personal finances are in order. I work full time in the summer. My IRA is capped, I have a savings account with 4000, and a credit score of 750. However, I have no experience dealing with finances of any real magnitude.The house in question is worth about 1.2 million, recently renovated and in a good area. I am extremely nervous since I will I do not know anything about the housing market in China or any tax implications the house might bring. A few of my most pressing questions I have listed below.1. Will I need to pay inheritance taxes when the title is transferred or should that be taken care of in the will? 2. Will there be property or other regular tax payments to the US, China, or both? If so, what neighborhood will these payments be in? 3. Will inheriting this house affect anything else financially ie. higher income tax bracket, credit scores, etc.? On a less pressing note, I will not be living in China upon graduation or in the near future. Would you recommend selling the house or renting it out? Thanks for taking the time to read through alll the text above, and I really appreciate any help you can give me! TL;DR - Inheriting expensive house in Beijing as US citizen, what should I expect financially?  <response>: No tax advice here, but if youre not interested in living in China, I would highly recommend selling the house.Managing real estate is not easy if you dont live in the same city as the rental. Being in a different continent is like that multiplied by 1000 times.You may be tempted to keep it because there can be a feeling of guilt if you sell it. Your Grandmother is leaving you a house because she wants you to be taken care of. She is leaving a blessing to you in some form, and wouldnt want you to be burdened. It can also be difficult to sell because of sentimental value. Your Grandmother will live in your memories, and your photos. She will live on through you and your mannerisms, your quirks and looks. Your Grandmother is so much more than a house that she once ownedlived in.Id recommend selling the home, and carefullyfaithfully using it to build a strong financial foundation. Its an incredible opportunity she is giving you. Try to stay out of debt, dont waste the money foolishly. Its easier said than done. Best wishes! 