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Thank you so much for your detailed reply @pk 

Would taking path 1 also raise SAR even though there will be no money transfer to my US bank? Or are you saying reporting foreign inheritance to IRS by filing form 3520 (since the amount is over $100,000, I am required to file this) itself is already enough to raise an SAR?

I also did inherit a house in Japan but these is no plan to sell it, so that part should be simple.