Savings Bonds

[justastick]

What is the name of your state? TX
When my parents died their estates were granted to me in their will. As part of their estate I recieved savings bonds. Some where in my mom's name and POD to my dad. Some where in my name and only to be legally cashed by me upon my dads death.

I cashed the savings bonds in 2005. Some we're redeemed for cash. Some we're placed into a savings account I owned. I did not work or file taxes for 2005. Will I have to report the interest from the savings bonds on my 2006 tax return?

 

[seniorjudge]

What is the name of your state? TX
When my parents died their estates were granted to me in their will. As part of their estate I recieved savings bonds. Some where in my mom's name and POD to my dad. Some where in my name and only to be legally cashed by me upon my dads death.

I cashed the savings bonds in 2005. Some we're redeemed for cash. Some we're placed into a savings account I owned. I did not work or file taxes for 2005. Will I have to report the interest from the savings bonds on my 2006 tax return?

You must report them in the year you cashed them in.

 

[justastick]

Deliquent

Thank you for your reply.
Since I should have reported them in 2005 and did not do so could I be found deliquent and owe taxes on the interest I did not report?

 

[LdiJ]

What is the name of your state? TX
When my parents died their estates were granted to me in their will. As part of their estate I recieved savings bonds. Some where in my mom's name and POD to my dad. Some where in my name and only to be legally cashed by me upon my dads death.

I cashed the savings bonds in 2005. Some we're redeemed for cash. Some we're placed into a savings account I owned. I did not work or file taxes for 2005. Will I have to report the interest from the savings bonds on my 2006 tax return?

Whether or not you have to pay taxes depends on the amount of interest at accrued to you in the year that you cashed out the bonds...and depending on your basis in the bonds.

You should have recieved 1099 statements from the entities that cashed the bonds...you also truly NEED a counsult with a tax professional.

 

[LdiJ]

Thank you for your reply.
Since I should have reported them in 2005 and did not do so could I be found deliquent and owe taxes on the interest I did not report?

Yep...interest AND penalties