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I want to donate i bonds to a public university. Is there a…

Customer Question
I want to donate...

I want to donate i bonds to a public university. Is there a means through which I can make this donation without paying taxes on the interest received from the bonds?

Lawyer's Assistant: Because education law varies from place to place, can you tell me what state this is in?

Ohio

Lawyer's Assistant: Has anything been officially filed? If so, what?

Nothing has been filed.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I live in Ohio, but my donation will got o West Virginia

Submitted: 8 months ago.Category: Business Law
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Answered in 4 minutes by:
9/23/2017
Business Lawyer: Legal Eagle, Lawyer replied 8 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
Satisfied Customers: 12,189
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating so all that means is that you can count on me to help today. As you know, the U.S Treasury will make I Bonds subject to the following taxes:

  • federal income tax, but not to state or local income tax

  • any federal estate, gift, and excise taxes as well as any state estate or inheritance taxes.

The downside is that there is no way to get out of paying the tax on the interest received from the bonds until you transfer it to someone else. This means that even when the bond is reissued in the public university’s name, you will owe the taxes until it is reissued. I apologize and wish there was another way around this, but unfortunately, there is no legitimate way around this.

Also, although I provided an initial answer, it’s important that you are 100% satisfied. If you feel I have done so, please rate me 5 stars and let me know if you have any follow up questions. As a side note, you can also click here in the future to request me individually.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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