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Get your taxes done using TurboTax
That can happen for a bond purchased late in the Year.....depending on the interest payment dates.
You cannot enter the accrued interest until after that particular bond issues it's first interest payment to you.
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Example...A bond pays out interest in Aug and Feb....you buy a bond In Nov 2022 with $100 of accrued interest that you had to pony up. But, it doesn't make it's next interest payment of (say) $350..to you..until Feb 2023.
In this situation you must delay declaring the accrued interest until yoru file your 2023 taxes in early 2024. SO you have to make a note to yourself in your new 2023 tax file to deal with it then.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎January 23, 2023
5:06 PM