Harlan Lunsford <hnslunsford[at]bellsouth.net> wrote:

- quote -

They keep saying that I need a hobby -- I am going to tell
them that I am taking up "SKI"ing. Thanks for the great
idea. <grin> (for the humor impaired).

--
-Ernie-

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"BeanTownSteve" <s.cronmiller[at]gmail.com> wrote:

- quote -

Guess you must have missed the smiley, eh?

--
-Ernie-

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Jeez, you're only in your 60's? You're leaving around a
fair sum (guessing here) and you got the time to deal with
it. Unless you don't like your children, I'd think you
would want to clear this up for them. I imagine by your
note, that the bonds given to your wife are still in her
maiden name ---- Gee. I hope my kid will have better
menories of me that handing them (and the probate court as
well as the executor) this can of worms. It's not that it's
hard, just process bound and time consuming.

I've found the folks at the US Bonds desk on the 800 number
(and by email) are very helpful and easy to deal with. I've
had fairly extensive dealings with them after my Mom's death
and Pop coming to live with me. Give 'em a call.

If you're generous, take the proceeds (after you figure the
taxes on them) and open 529 plans for your grandkid(s).

Give it start at
http://www.savingsbonds.gov/indiv/pr...nds_glance.htm

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Ernie Klein <ecklein[at]pacbell.net> wrote:
- quote -

Series E bonds stop earning interest after thirty years. If
they are more than thirty years old, they are sitting in
your safe deposit box not earning a dime.

Better to redeem them and reinvest the proceeds in something
worthwhile for your heirs to worry about.

John

P.S. You will be amazed at what they are worth.

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Ernie Klein wrote:
- quote -

Ernie, you may be interested to know of a new program called
SKI. For example you take a SKI trip to Europe. Or you
go on a SKI shopping spree. SKI stands for ....

"Spending Kids' Inheritance"

(I had to work for mine; (since I was eight years old); they
can too!)

ChEAr$,
Harlan Lunsford, EA n LA

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Rich Carreiro <rlcarr[at]animato.arlington.ma.us> wrote:

- quote -

Oh really? I have some savings bonds that were given to me
when I was a child -- so does my wife. They have sat in our
safe deposit box unseen for years. We are in our 60's now.
Oh well -- something else for our heirs to worry about I
guess

--
-Ernie-

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"A.G. Kalman" <agkdisposable-mtm[at]yahoo.com> wrote:

- quote -

And they may want to download the Savings Bond Wizard which
will calculate the value of savings bonds from any past date
to a short time past the current date.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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"NadCixelsyd" <nadcixelsyd[at]aol.com> wrote:

- quote -

Yes, at least for bonds purchased in 1976.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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"NadCixelsyd" <nadcixelsyd[at]aol.com> writes:
- quote -

And it is taxable upon final maturity (i.e. when the
bond ceases earning interest). So some savings bond
interest should have been reported on past returns.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"A.G. Kalman" <agkdisposable-mtm[at]yahoo.com> wrote:

- quote -

And they may want to download the Savings Bond Wizard which
will calculate the value of savings bonds from any past date
to a short time past the current date.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"NadCixelsyd" <nadcixelsyd[at]aol.com> wrote:

- quote -

Yes, at least for bonds purchased in 1976.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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"NadCixelsyd" <nadcixelsyd[at]aol.com> writes:
- quote -

And it is taxable upon final maturity (i.e. when the
bond ceases earning interest). So some savings bond
interest should have been reported on past returns.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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JB wrote:

- quote -

http://www.savingsbonds.gov/indiv/re...nginterest.htm

The above link will tell you which bonds have stopped earning
interest and which bonds are still earning interest.

The main site for indivduals looking for answers on savings
bonds is: http://www.savingsbonds.gov/indiv/indiv.htm

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JB wrote:

- quote -

You can find out more information about them on the web no
doubt. But those very old "war" bonds stopped paying
interest long time ago. So those are the ones to cash
first. Sort of like FIFO. (grin)

ChEAr$,
Harlan Lunsford, EA n LA

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JB wrote:

- quote -

No. Bond interest has always been taxable upon redemption
unless the owner notifies the IRS that interest is being
declared as accrued. (e.g. file at least one tax return with
bond interest declared, even if it generates no tax in the
year declared).

The sad part is that Savings Bonds cease paying interest
after a while (30 years?).

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A client came into the office today with a large box full of
US Savings bond somegoing back to1944. I started practicing
in the late 60s. Does anyone know if the bondinterest was
treated differently back then? Or, if it even matters, since
he will cash them in 2006 or 2007?

Jeffrey Berk, CPA
Jenkintown, PA 19046

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