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You could gift the bonds to your Brother's Granddaughter, but in the end she would be the one to pay the tax on the interest
There's no way to avoid paying tax on the interest altogether - someone will have to pay it.
If your goal is to avoid tax at your level, gifting the bonds would work
However, the person you gift them to would have the tax burden.
I have done some further research.
If you gift the savings bonds to someone else, you will first have to pay taxes on the interest that has accrued.
You cannot gift the savings bonds to shift it where the interest would be exempt due to qualified educational expenses
I'm truly sorry for the confusion, and sorry if the answer is not what you had hoped.
Do you have any further questions?
I AM 89 YEARS OLD I WILL NOT PAY ANY MORE MONEY THAN THE $ 30 I AGREED TO. I APPRECIATE THE ANSWER BUT I
I do not show that you subscribed, so the $30 you were charged is all that you will have to pay.
WILL NOT ENGAGE YOU FOR ANY OTHER QUESTION. ALTHOUGH I WANTED TO ASK WHAT ARE THE RAMIFICATIONS
IN GIFTING THE 66000.00?
If you gift the $66,000 you would have to pay tax on the accrued interest first.
I AM A LIVING TRUST, I WANT TO GIFT IT BEFORE I DIE JUST TAKE OUT OF MY ESTATE. I PLAN TTO PAY THE TAX MYSELF IN 2013. THANK I WAS AFRAID I WAS BEING SCAMMED.
No, you are not being scammed
IS there anything else I can assist you with today?
I APOLOGIZE TO YOU , SINCERELY, JHE
It was a pleasure working with you today. If you could, use the rating feature along the bottom of your screen to rate my response "excellent" - this will ensure that I receive credit for assisting you today