How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Finance Question Here...
Megan C is online now
A new question is answered every 9 seconds

I HAVE ABOUT 65000.00 WORTH OF EE US SAVINGS BONDS THE WILL

Resolved Question:

I HAVE ABOUT 65000.00 WORTH OF EE US SAVINGS BONDS THE WILL MATURE IN 2014. THE IS ABOUT $45000.00 INTEREST. IS THERE ANYWAY I CAN AVOID THE INTEREST. I AM THINKING OF GIFTING THEM TO MY BROTHER`S GRANDDAUGHTER FOR THEIR CHILDREN`S EDUCATION. GOT ANY SU7GGESTIONS THANK YOU
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

How are you today?

MyVirtualCPA :

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

MyVirtualCPA :

There's no way to avoid paying tax on the interest altogether - someone will have to pay it.

MyVirtualCPA :

If your goal is to avoid tax at your level, gifting the bonds would work

MyVirtualCPA :

However, the person you gift them to would have the tax burden.

MyVirtualCPA :

I have done some further research.

MyVirtualCPA :

If you gift the savings bonds to someone else, you will first have to pay taxes on the interest that has accrued.

MyVirtualCPA :

You cannot gift the savings bonds to shift it where the interest would be exempt due to qualified educational expenses

MyVirtualCPA :

I'm truly sorry for the confusion, and sorry if the answer is not what you had hoped.

MyVirtualCPA :

Do you have any further questions?

Customer:

I AM 89 YEARS OLD I WILL NOT PAY ANY MORE MONEY THAN THE $ 30 I AGREED TO. I APPRECIATE THE ANSWER BUT I

MyVirtualCPA :

I do not show that you subscribed, so the $30 you were charged is all that you will have to pay.

Customer:

WILL NOT ENGAGE YOU FOR ANY OTHER QUESTION. ALTHOUGH I WANTED TO ASK WHAT ARE THE RAMIFICATIONS

Customer:

IN GIFTING THE 66000.00?

MyVirtualCPA :

If you gift the $66,000 you would have to pay tax on the accrued interest first.

Customer:

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.

MyVirtualCPA :

No, you are not being scammed

MyVirtualCPA :

IS there anything else I can assist you with today?

Customer:

I APOLOGIZE TO YOU , SINCERELY, JHE

MyVirtualCPA :

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

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1890
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    1755
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    838
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    397
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    324
    NASD Licensed Rep, 1997-2001, Business Attorney
 
 
 

Related Finance Questions

Chat Now With A Financial Professional
Megan C
Megan C
2108 Satisfied Customers
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level