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Semi OT: Help with HHBonds and taxes

I hope you don't mind me posting here, but I have gotten no responses in any of the tax groups and always get good information in here. My wife cashed in some HH Bonds in 2006. These were bonds that her mother bought years ago and both their names were on the bonds. My mother in law got all the interest over the years (and I assume claimed the interest on her taxes). How do I handle/report this income from these bonds on our joint 2007 taxes? I assume it goes on our income, but I am not sure how etc. I would appreciate any answers and any advice.

Reply to
jtees4
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tha only "income" taxable would be the % earned (over the years) ... If the mother claimed it on her tax return, there is no tax liability to you... Just ignore it and do not put it on your tax return...

jtees4 wrote:

Reply to
~^ beancounter ~^

That's the answer I was hoping for. I looked all over the internet and could not find anything other than claiming the interest over the years, so I thought this might be the case. Thanks for the reply.

Reply to
jtees4

your welcome...just keep in mint the govt will be collecting taxes on the interest income...from someone, somewhere along the line...and once..and only once...it sounds like the mother got to pay these taxes...so, you should be "off the hook".....

Reply to
~^ beancounter ~^

Hey Beancounter, if you don't mind another question. Assuming there is some tax liability for 2006, would my wife be getting a 1099? If not, would we still be liable for the taxes?

Reply to
jtees4

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