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I inherited some EE Savings Bonds from my mother. Do I have…

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I inherited some EE...

I inherited some EE Savings Bonds from my mother. Do I have to pay income tax on the accumulated interested?

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Submitted: 4 months ago.Category: Tax
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12/1/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

The answer to your question is yes, the accumulated interest is taxable. SEE BELOW:

-----------------------------------

Future Interest

Any interest that accumulates after the decedent dies is always included in your income when you cash in the bond. For example, say you inherit a bond that the decedent bought for $100 and is now worth $180. If you cash it in for $200 years later, you will pay taxes on the last $20 of interest, even if the decedent paid taxes on the first $80 of interest.

REFERENCE SOURCE:

https://finance.zacks.com/inherited-savings-bonds-taxable-4991.html

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