Thank you Pk for your response. However, I am not sure I understood your explanation.
I never received any money, zero. In the case of the 12 month CDs, the bank paid me a lump sum in January, which is when the CDs matured and interests were paid. As for the 18 month CDs, so far I have not received any money. All interest will be paid in July at their maturity.
Please note that none of the CDs paid quarterly, or semi-annually interests. Just nothing.
If I understood your explanation, for the 18 month CDs I should apportion part of the total interests that will be paid in July 2025 to the 2024 taxes (from January to Dec 2024). It is like a phantom interest. Then, next year I should report the rest, from January 2025 until July 2025.
Did I understand correctly?
How about the 1 year CDS? They overlapped over two fiscal years? (from mid January 2024 until mid January 2025). Should I also apportion some of that interests or in this case, because they were short time CDs, report all that income with my 2025 taxes?
I truly appreciate your time and patience.
@pk
