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Posted by John~ on December 17, 2006, 6:40 pm
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>>> JB wrote:
>>>> Does anyone know if the bond interest was treated differently
>>>> back then?
>>> No. Bond interest has always been taxable upon redemption
>> And it is taxable upon final maturity (i.e. when the
>> bond ceases earning interest). So some savings bond
>> interest should have been reported on past returns.
> Oh really? I have some savings bonds that were given to me
> when I was a child -- so does my wife. They have sat in our
> safe deposit box unseen for years. We are in our 60's now.
> Oh well -- something else for our heirs to worry about I
> guess :)
Series E bonds stop earning interest after thirty years. If
they are more than thirty years old, they are sitting in
your safe deposit box not earning a dime.
Better to redeem them and reinvest the proceeds in something
worthwhile for your heirs to worry about.
John
P.S. You will be amazed at what they are worth.
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