I have dual citizenship in the US/Australia. Do I have to pay US taxes on Australian inheritance interest? -

I inherited money from my late husband in Australia, and the money is still there. I now live in the US. Do I have to pay US taxes on the interest earned on the Australian inheritance? Are there foreign tax specialists I can contact?|::::|Yes, you must pay US taxes on the interest earned since you are a US citizen. If you also pay Australian taxes, you can take a credit for them by using Form 1116 and attaching it to your Form 1040 return. There s no Federal US tax on the inheritance itself although there may be State inheritance taxes. Any interest earned is fully taxable though.|::::|In the U.S. there is no tax on inheritances. For more info, read http://taxipay.blogspot.com/2008/02/tax-... You must file U.S. income tax return, if you worldwide income exceeds the filing requirement. You may also have to file Form 3520 and Form TD F 90-22.1. Read: http://taxipay.blogspot.com/2008/03/us-c...