Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
1099 int
Posted by: rats0001, November 5, 2017 03:42PM
I inherited a US Govt Bond that pays interest on 10/15 and 4/15 of each year. The bonds were put into my account on 3/22. On 4/15 all the interest was put into the account. I believe the original owner should owe tax on this from 10/15 to 3/22.
Should I file a 1099-int showing the interest for the period I did not own this bond. Is there a web site that can walk me through this? Also I need to file a 1099 OID since its a TIPS bond, how hard is this.

Re: 1099 int
Posted by: triad, November 5, 2017 09:47PM
When did your relative die? Any interest accrued before then should be reported on the final return.

If you were listed as the beneficiary (POD) on the bonds, you are responsible for the interest accrued after death.

If there was no beneficiary listed, the estate would put the interest accrued through distribution on the 1041.

So check with executor.



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