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EE Savings Bond Interest
Posted on 3/30/14 at 10:04 pm
Posted on 3/30/14 at 10:04 pm
I cashed in savings bonds in 2012 for a down payment for a house. I forgot to add the 1099 on my taxes and now the IRS wants taxes on the accumulated interest.
Is the interest considered capital gains for savings bonds? For 2012, I was in the 15% tax bracket and do not have to pay long term capital gains.
Is the interest on EE savings bonds considered ordinary income or is it capital gains?
Is the interest considered capital gains for savings bonds? For 2012, I was in the 15% tax bracket and do not have to pay long term capital gains.
Is the interest on EE savings bonds considered ordinary income or is it capital gains?
1
Posted on 3/31/14 at 10:52 am to The Goon
quote:
Is the interest on EE savings bonds considered ordinary income or is it capital gains?
There are no gains, it is taxable interest income like on a CD with the benefit of being exempt from state and local taxes.
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