I inheritated $17,000 in interest from Savings Bonds.Where does this get put on my tax form? - bonds interest calculator
I was told, because it is a legacy that should not have to pay income tax on their behalf. Is that true? However, I have a bank of 1099th Is the $ 17,000 savings bond interest as income on my tax return?
Wednesday, January 13, 2010
Bonds Interest Calculator I Inheritated $17,000 In Interest From Savings Bonds.Where Does This Get Put On My Tax Form?
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2 comments:
Dianne45 Hello, I'm SavingsBonds.com bond guru, I hope your question via ...
First, we need to know whether in fact cashed in savings bonds, however, or simply inherited.
If charged, you will receive a 1099-INT from the bank. However, it is necessary to know if the loan was interest from the heirs of the deceased then argued that it is double taxation of bonds. When interest rates on the loans in its heritage reports, and is made in cash, then you should pay for the amount of growth / interest since the death of the person that not all interests. This will probably save thousands!
Well, you do not accept collect good, it takes almost the same information, but is not necessary that the memory Bond interest, until one of the following situations:
- The bonds reach final maturity
- Make cash bonuses
(whichever occurs first)
But caution must in some way, you know, and monitor whether the interests of earningsBonds has been declared and paid taxes on the property of the person who has inherited the obligations.
Few people know how to tackle these problems, and they were smart to ask questions. The best person to speak, would be an accountant or CPA.
If you have further questions, please contact me or visit our website www.SavingsBonds.com.
Good luck,
"The savings bond guru
The 1099-INT is correct. The $ 17,000 of interest happens 8a Online Form 1040A or 1040th It is in line 2 of the 1040ez.
You can ask the executor if they interest to the date of death accumulated in the last round, but most likely not (or almost nobody does). If not, then the tax deferred income is your problem. IRS Publication 550th
Inheritance / estate tax will be different from a tax on income. They had never paid taxes, then someone must pay.
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