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re: inherited savings bonds, who pays tax on the interest? **UPDATE**
Posted on 7/12/12 at 12:01 pm to Tigerpaw123
Posted on 7/12/12 at 12:01 pm to Tigerpaw123
The bonds will transfer through probate to the legatee. When the bonds are cashed in, the 1099 will be issued in the name of the legatee and the interest (which will be paid to the legatee) should be reported on the legatee's return for the year he/she cashes them.
I'll be happy to take that burden of paying the taxes...just sign the bonds over to me and the legatee won't have the burden! ;)
I'll be happy to take that burden of paying the taxes...just sign the bonds over to me and the legatee won't have the burden! ;)
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