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My wife sold I-Bonds she jointly owned with her mother who died. where do I put the income and how do I figure the basis?
The bonds were purchased for $30,000 They were worth $41,904 when my mother-in-law died and they sold for 46,920 on 3/23/2017. The bank sent us a 1099 INT showing $16,920 for interest income.
How do I adjust this and where do I put it into Turbo Tax Premier?
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June 3, 2019
10:22 AM
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Get your taxes done using TurboTax
Nice thought ... but you don't get a stepped up basis on bonds. Since the interest earned would have been taxable interest to the decedent had they cashed in the bonds so they are just as taxable to the beneficiary.
June 3, 2019
10:22 AM