I bought EE savings bonds in 1989 and cashed them in 2003.
I received a 1099int from bank.
Do I get to deduct my cost basis i.e. what I paid for them in 1989?
If so how do I do that?
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Did the 1099INT show the whole gross amount? In what box? Only the interest should be in box 3. Do you have a breakdown from the bank for principal and interest? Yes only enter the interest in box 3. Subtract your cost from box 3. Did you get a separate 1099INT for the bonds or is your other bank interest also on the 1099 in box 1?
Oh, I assume you meant you cashed them in 2023 (not 2003)?
Did the 1099INT show the whole gross amount? In what box? Only the interest should be in box 3. Do you have a breakdown from the bank for principal and interest? Yes only enter the interest in box 3. Subtract your cost from box 3. Did you get a separate 1099INT for the bonds or is your other bank interest also on the 1099 in box 1?
Oh, I assume you meant you cashed them in 2023 (not 2003)?
No, you do not deduct anything from the 1099-INT. That form doesn't show your cost basis. It only shows the interest earned, which is taxable income.
cashed this year in 2024 but mom had had them for a very long time.
Report the total interest from the savings bonds on your tax return if the bonds now belong to you when cashed in 2024. Use the link below to select your TurboTax version and complete your 1099-INT entry. Be sure to enter the interest in the correct box 3. Although it is taxable on your federal return, it is not taxed by your state.
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