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Posted by D. Stussy on March 31, 2008, 12:25 am
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> Series HH bonds with a deferred tax of $38500 redeemed by estate of owner
in
> 2008 deceased in 2007)
>
> When are taxes due, on what form (1041 or 1040) and, if the funds are
> distributed to heirs of estate, is it taxable to them rather then deceased
> or estate. (Heirs in lower tax bracket).
Form 1041. Yes - via 1041 Schedule K-1. However, note that the 1099-INT is
likely to impute the interest since purchase and there is a valuation
step-up so there may also be an estate tax deduction passed through for the
IRD.
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