I would like to bring in $150,000 from my bank in the Philippines to another bank here in the US. This money is from a lot I sold which was given to me (under my name) by my dad who has already passed away. All Philippine taxes are paid. I am Filipino who became a US citizen in 1992. Can I transfer this money legally via my Philippine bank and my US bank? Will I be taxed even if this property was mine and not related to income? I want to use the money to invest and also as a down payment to buy a house. Thanks.
Of course you can transfer it, and it will be legal. There's no taxes on transferring your own money.
There's income tax on gains you realized by selling the property, but that is money you already owe, it doesn't matter where the proceeds are. It also doesn't matter how you acquired the property (except for figuring out your basis). What matters is that you had gains, and these gains are taxable in the US.
You need to figure out the value of the property when your father bought it, and that is your basis. The difference between what you sold it for and that basis is your taxable gain, and you already owe taxes on that gain.