Yes, with a qualification: as long as the particular bond involved, paid out interest To You during 2023, then you can get a subtraction for the accrued interest paid...otherwise you'd have to wait until you file 2024 taxes in early 2025.
For instance, if you bought a secondary market bond in Dec, with accrued interest paid to the seller....but it didn't pay out interest to you until 2024, then you need to wait until 2024 tax prep (in 2025) to report it and get the subtraction.
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Then, there's a software caution.
IF your 1099-INT has $$ in boxes 1, or 8 in addition to those USBond $$ in box 3...then, in the software, you need to remove the $$ in boxes 3 & 12...and put into a separate 1099-INT where you will report the accrued interest in that separate. 1099-INT.
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The accrued interest you paid to the seller is reported on a follow-up page to the 1099-INT.
..first page after the main 1099-INT form, select
<<"I need to adjust the taxable amount"
then next page, you enter the $$ amount accrued and select
<<<<"MY accrued interest is reported on this Form 1099-INT"
That subtracts the accrued $$ amount, and actually shows it as a subtraction on the Schedule-B
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
