These can pay for her grad.school, and since she'll be earning money just from a part time job, her income tax on them would be so much less than mine, if i cash them in for her.
2006-07-01 14:28:00 · 4 answers · asked by mollie 2 in Business & Finance ➔ Taxes ➔ United States
Probably have to cash them, then give her the cash.
2006-07-01 14:52:26 · answer #1 · answered by rockEsquirrel 5 · 0⤊ 2⤋
But if YOU pay for school, you can take advantage of the life time tax credit. If it's her money, than you can't take that $1500 write off.
EE bonds are tax free for qualified educational purposes. Check with the US bond site, http://www.savingsbonds.gov/.
2006-07-01 21:32:30 · answer #2 · answered by Lori A 6 · 0⤊ 0⤋
the savings bonds are already in your social security number or your ex, so you would have to turn them in and then reissue them to the children. With the interest rate as it is now, you probably won't have much taxes to pay unless you have a whole bunch
2006-07-01 21:32:03 · answer #3 · answered by funnyface53 3 · 0⤊ 0⤋
don't know what state you are living in, but everyone in the US is allowed to give up to i believe it is $3000.00 per yer, per person to a child of their own. should be able to look it up on the internet for free without an attorney. that is ALL tax free to them.
2006-07-01 21:36:04 · answer #4 · answered by star77840 2 · 0⤊ 0⤋