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Level 5

What Records do I need to keep to show taxes are paid on interest on EE bonds?

My sisters and I inherited some EE bonds from our Mom.  The bonds were not redeemed, they have been transferred to our names.

I understand that I can claim the interest earned up until the time they were transferred on Mom's 1040.

However, Treasury Direct will not keep track of the claimed interest and will not issue a 1099-INT until the bonds are redeemed.

Does anyone have a suggestion on a good way to keep track of the interest that Mom paid taxes on when the remainder will need to be paid when the bond is redeemed?

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Level 18

What Records do I need to keep to show taxes are paid on interest on EE bonds?

The information contained in the following link will instruct you how to report the interest.

 

https://www.irs.gov/publications/p550#en_US_2018_publink100010051

 

With respect to record keeping, retaining copies of your mother's income tax returns showing the interest that was reported would clearly be optimal.