My Grandfather purchased some Series EE bonds for me about 16 years ago. My mother's name appears one it follow by Mail to: My grandfather's name. And then my Fathers name is listed at a co-owner. It includes my Grandfathers SSN. Who is the owner for tax reasons?
I know if my Grandfather is listed as the owner then he would be responsible for the taxes if not hen my parents are. Thanks.
2007-05-28 11:38:11 · 2 answers · asked by scottpt99 1 in Business & Finance ➔ Taxes ➔ United States
Your mother and father are the owners. When they cash the bond in the bank will enter their social sec number in on the 10-99 as having cashed the bond. You have no way to cash the bonds, only your mother or father could cash the bonds.
2007-05-28 11:43:19 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Your grandfather or father could cash them. Whoever does will give their social security number when they cash them, and will get a 1099 for the interest.
2007-05-28 11:59:23 · answer #2 · answered by Judy 7 · 1⤊ 2⤋