"paoliwc" <paol...[at]yahoo.com> wrote:

- quote -

There might be a way to do this, provided that when the
bonds were purchased only your funds were used. Whose SSN is
on the bond is irrelevant for purposes of ownership.

US savings bonds may be retitled in the name of only one of
the co- owners (you) and no tax will be immediately due,
since the other co- owner (your daughter) did not provide
any funds for the initial purchase. This will result in the
bonds being titled in your name alone, with the accrued
interest still untaxed.

The bonds can then be used in the US Savings Bond
Educational Program, whereas there is no tax due if the
funds are used to pay qualifying educational expenses for
college.

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paoliwc wrote:

- quote -

N`o. A qualified bond is one that would have been registered in
your name alone or jointly with a spouse when first purchased.

<< ================================================== ===== > << 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. > << ================================================== ===== >

Many years ago, we bought some Series EE bonds for our
daughter as part of a college savings plan. We purchased
them jointly with both my name and my daughters name on the
bonds and using her SS# as the tax ID. At the time, we were
above the income threshhold for receiving tax-free gains
when using the money for tuition. Unfortunately, I am
currently unemployed and am unlikely to exceed the income
threshhold again this year.

Question: Now that she is in college, is there a way to
change the SS# on the bonds or have her gift the bonds to
me so that we might take advantage of using the bonds for
tuition without paying taxes on the gains?

Thank You.

<< ================================================== ===== > << 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. > << ================================================== ===== >