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I have a bond from a bank in India which was purchased 20 years ago and it matured in september last year.

The actual bond proceeds were paid out this year (April 2023). Do I need to report bond proceeds in this year tax or 2022 return
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3 Replies
MaryK4
Expert Alumni

I have a bond from a bank in India which was purchased 20 years ago and it matured in september last year.

You will report on the 2023 tax return.

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I have a bond from a bank in India which was purchased 20 years ago and it matured in september last year.

Hi Mary:

 

Thank you. 

 

Just for clarification the bond matured on September 9. 2022 but with paperwork and processing, the actual payment and closure of the bond was done on April 10,2023. So per your input, I need to report the income in my 2023 return (this year return) since 2023 is the year the bond was actually closed, processed and funds received irrespective of when it matured.  

 

Am I right?

 

Regards,

Giri

ThomasM125
Expert Alumni

I have a bond from a bank in India which was purchased 20 years ago and it matured in september last year.

You are correct, you report the income in the year the proceeds from the bond maturing are available to you.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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