Comments on: The final authority on Savings Bond questions http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/ Wed, 08 Feb 2012 21:36:55 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-68609 Tue, 27 Apr 2010 20:33:37 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-68609 Judy - as a practical matter, whoever cashes the Savings Bond gets the 1099-INT reporting the interest to the IRS. Because <a href="http://www.savings-bond-advisor.com/who-pays-the-taxes/" rel="nofollow" rel="nofollow">the IRS examples</a> all use situations where one co-owner's money was used to buy the bond, with no inheritance examples, it's not clear whether the IRS would consider you the principal owner (and thus responsible for the taxes) or not. Tom Adams Judy - as a practical matter, whoever cashes the Savings Bond gets the 1099-INT reporting the interest to the IRS. Because the IRS examples all use situations where one co-owner's money was used to buy the bond, with no inheritance examples, it's not clear whether the IRS would consider you the principal owner (and thus responsible for the taxes) or not.

Tom Adams

]]> by: Judy White http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-68405 Mon, 26 Apr 2010 20:08:37 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-68405 I was the secondary co-owner on EE and HH bonds. The primary owner (my Dad) died and the bonds were switched to my name only. I now wish to name co-owners (siblings) to distribute them equally. Once I do this and they cash them with their social security #, will they be solely responsible for the taxes? I ask because when it was my Dad and I, and he, as primary coowner, had put all the money into the bonds, the IRS says even if I cashed them he got the tax liability because he had put up all the original money. I was the secondary co-owner on EE and HH bonds. The primary owner (my Dad) died and the bonds were switched to my name only. I now wish to name co-owners (siblings) to distribute them equally. Once I do this and they cash them with their social security #, will they be solely responsible for the taxes? I ask because when it was my Dad and I, and he, as primary coowner, had put all the money into the bonds, the IRS says even if I cashed them he got the tax liability because he had put up all the original money.

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-67713 Thu, 22 Apr 2010 20:10:27 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-67713 Cheryl - the information you're looking for is <a href="http://www.savings-bond-advisor.com/how-to-recover-lost-savings-bonds/" rel="nofollow">here</a>. Tom Adams Cheryl - the information you're looking for is here.

Tom Adams

]]> by: Cheryl http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-67688 Thu, 22 Apr 2010 17:56:53 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-67688 My father purchased savings for me when I was a child and for my daughter when she was born. He had the deducted from his payroll. He is now deceased and we cannot find the bonds. How do I find out how claim them? I have his ss# and name and addresses at the time of purchase. My father purchased savings for me when I was a child and for my daughter when she was born. He had the deducted from his payroll. He is now deceased and we cannot find the bonds. How do I find out how claim them? I have his ss# and name and addresses at the time of purchase.

]]> by: Tom Adams http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-65998 Wed, 14 Apr 2010 15:06:00 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-65998 Judith - Whoever inherits the bonds still has to pay income tax on all the interest the bonds have ever earned. Just cashing them all in, however, is probably not the best course of action either. I suggest you or your father (or both) spend a weekend reading <a href="http://www.amazon.com/dp/0976064537?tag=alert-20" rel="nofollow">my book</a>, then you'll understand your options and what will work best for you. Tom Adams Judith - Whoever inherits the bonds still has to pay income tax on all the interest the bonds have ever earned. Just cashing them all in, however, is probably not the best course of action either. I suggest you or your father (or both) spend a weekend reading my book, then you'll understand your options and what will work best for you.

Tom Adams

]]> by: Judith http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-65986 Wed, 14 Apr 2010 13:28:07 +0000 http://www.savings-bond-advisor.com/the-final-authority-on-savings-bond-questions/#comment-65986 My Father has numerous bonds. He is talking about cashing them in so we kids won't have to deal with them after his death. What are the laws on cashing in bonds? If we inherit the bonds do we still have to pay taxes on the interest on the bonds or are they covered as inheritece and are not taxed? My Father has numerous bonds. He is talking about cashing them in so we kids won't have to deal with them after his death. What are the laws on cashing in bonds? If we inherit the bonds do we still have to pay taxes on the interest on the bonds or are they covered as inheritece and are not taxed?

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