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#6
01-02-2005, 09:03 PM
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 Re: US Savings Bonds Basis StepUp Arthur L. Rubin wrote: - quote - > D. Stussy wrote:
Nor have I researched it, but that is my recollection too, Art.> > Vernon V Chatman III wrote: > > > CA residents: wife inherited savings bonds held as community > > > property. Interest was deferred (not claimed each year). > > > > > Example: Paid $75 for $100 denomination E bond in 1999 with > > > value on date of death (5/29/04) of $549. Is basis for > > > redemption stepped up to $549 or is it $75 or something > > > else? > > There is no step-up. This is not an average asset but > > instead the right to receive income (and thus becomes > > "income with respect to a decedent"). The basis remains at > > $75. > I haven't researched it, but another regular contributor > stated that there is an option on the decedent's final > return to recognize income on savings bonds held at death. > If that option is taken, there would be a step-up in > "basis" for the estate or the beneficiary. Happy New ChEAr$, Harlan Lunsford << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
12-31-2004, 02:10 PM
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| Re: US Savings Bonds Basis StepUp D. Stussy wrote: - quote - > Vernon V Chatman III wrote:
I haven't researched it, but another regular contributor> > CA residents: wife inherited savings bonds held as community > > property. Interest was deferred (not claimed each year). > > > Example: Paid $75 for $100 denomination E bond in 1999 with > > value on date of death (5/29/04) of $549. Is basis for > > redemption stepped up to $549 or is it $75 or something > > else? > There is no step-up. This is not an average asset but > instead the right to receive income (and thus becomes > "income with respect to a decedent"). The basis remains at > $75. stated that there is an option on the decedent's final return to recognize income on savings bonds held at death. If that option is taken, there would be a step-up in "basis" for the estate or the beneficiary. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
12-28-2004, 08:38 PM
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| Re: US Savings Bonds Basis StepUp Vernon V Chatman III wrote: - quote - > CA residents: wife inherited savings bonds held as community
There is no step-up. This is not an average asset but> property. Interest was deferred (not claimed each year). > Example: Paid $75 for $100 denomination E bond in 1999 with > value on date of death (5/29/04) of $549. Is basis for > redemption stepped up to $549 or is it $75 or something > else? instead the right to receive income (and thus becomes "income with respect to a decedent"). The basis remains at $75. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
12-23-2004, 03:28 AM
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| Re: US Savings Bonds Basis StepUp You haven't been able to buy E bonds in a long time. In 1999, i would have been an EE bond. You also couldn't buy a $100 bond for $75. They are sold at half face value or $50 for a $100 bond. It also would not be any where near $549 in value at 5/29. Their basis is purchase price, which should be half face value. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
12-22-2004, 03:28 PM
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| Re: US Savings Bonds Basis StepUp "Vernon V Chatman III" <vvc_[at]besttaxplace.com> wrote: - quote - > CA residents: wife inherited savings bonds held as community
I'm not aware that savings bonds EVER get a basis step up.> property. Interest was deferred (not claimed each year). > Example: Paid $75 for $100 denomination E bond in 1999 with > value on date of death (5/29/04) of $549. Is basis for > redemption stepped up to $549 or is it $75 or something > else? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
12-22-2004, 02:50 PM
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| Re: US Savings Bonds Basis StepUp "Vernon V Chatman III" <vvc_[at]besttaxplace.com> wrote: - quote - > CA residents: wife inherited savings bonds held as community
I'm not aware that savings bonds EVER get a basis step up.> property. Interest was deferred (not claimed each year). > Example: Paid $75 for $100 denomination E bond in 1999 with > value on date of death (5/29/04) of $549. Is basis for > redemption stepped up to $549 or is it $75 or something > else? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-22-2004, 01:52 PM
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| Re: US Savings Bonds Basis StepUp "Vernon V Chatman III" <vvc_[at]besttaxplace.com> writes: - quote - > CA residents: wife inherited savings bonds held as community
It's something else.> property. Interest was deferred (not claimed each year). > Example: Paid $75 for $100 denomination E bond in 1999 with > value on date of death (5/29/04) of $549. Is basis for > redemption stepped up to $549 or is it $75 or something > else? The accrued $474 of interest is taxable as ordinary income. See "income in respect of a decedent". -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-20-2004, 11:48 PM
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| US Savings Bonds Basis StepUp CA residents: wife inherited savings bonds held as community property. Interest was deferred (not claimed each year). Example: Paid $75 for $100 denomination E bond in 1999 with value on date of death (5/29/04) of $549. Is basis for redemption stepped up to $549 or is it $75 or something else? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, bonds, savings, stepup |
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