I have several of both types of bonds. I am trying to save my home from foreclosure. Cashing these in would help. My question pertains to the fact these were purchased by my father for my children and are in my minor children's names. Some of them name me or my spouse as POD, some name my father. Am I able to cash these? And if so.... I found in a previous question asked on Yahoo! a woman stated the bonds will be reported as cashed to the person who purchased them, is that correct? I intend to purchase replacement bonds in the next year, so please don't criticize me about stealing from my children. As I see it, I can save the roof over their heads now and have to pay for college later, or have their college paid for but be living only God knows where. Any knowledge by professionals who deal with this on a daily basis, or if you are 100% sure of your knowledge. Please list your source. Thank you for your time and help!
2007-11-27 13:27:45 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
you do not have to worry about replacing them if they say pod and your name the only one that can cash them is the children!!! you just to need to talk to your kids and have them sign the over!!!! check internet savings bonds usa!!!
2007-12-01 02:59:24 · answer #1 · answered by Anonymous · 0⤊ 1⤋
POD means payable on death, not that you are a co-owner, so doesn't sound like you could cash them.
For your other question though, if bonds are cashed, the purchaser isn't notified.
Good luck in finding a way to save your home. Would your dad help with that?
2007-11-27 13:35:38 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I used to work at a bank. If the child is under 18, you can cash them in regardless if it says POD (Payable on Death). And they are not reported to the person that bought them, they are reported to the person that cashes them. When you cash them in, they will ask your SS# and that is reported.
2007-11-27 13:35:27 · answer #3 · answered by stocktongrad2004 1 · 0⤊ 0⤋
If the bonds are on your mothers call the tax criminal duty is hers not yours. interest on decrease fee costs bonds is compounded 365 days to 365 days on a quarterly foundation. the landlord of the bond pays the tax whilst it rather is redeemed. it rather is subject to tax on the fee which you pay your customary taxes.There at the instant are not any capital effective aspects taxes. while you're purpose on cashing them in it rather is recommended to unfold the redeemption over quite a few years. this might decrease you adjusted internet income.
2016-12-10 07:19:59 · answer #4 · answered by ? 4 · 0⤊ 0⤋