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?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dsw-05
New Member
nmvempaty
Level 3
mathfarmer
New Member
djmckinnongolf
Returning Member
jdxray
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.