I cashed in bonds with me & my brothers name on it.We both signed & got deposited into my bank,then transferred his half to his bank.Do I need to fill out 709 gift form?

srosten1 · ‎June 3, 2019

Hal_Al · ‎June 3, 2019

No. That's not a gift, just a bookkeeping item.

If only one of you gets a 1099-Int, there is way to deduct the others portion on Schedule B. After entering the 1099-INT, you will be asked if any adjustments are needed.

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Hal_Al · ‎June 3, 2019

No. That's not a gift, just a bookkeeping item.

If only one of you gets a 1099-Int, there is way to deduct the others portion on Schedule B. After entering the 1099-INT, you will be asked if any adjustments are needed.

srosten1 · ‎June 3, 2019

Thank you very much for your prompt response. I did file the 1099 and payed the taxes on the entire interest amount.

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I cashed in bonds with me & my brothers name on it.We both signed & got deposited into my bank,then transferred his half to his bank.Do I need to fill out 709 gift form?