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Posted by ed on February 18, 2008, 9:19 pm
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> > We inherited 2 bonds from a parent who passed away on December 28th. I
> > am trying to find out the cost basis of those bonds on 12/28--don't
> > bond prices fluctuate much like stock prices do? I cannot seem to
> > find them on the internet. GMAC and Citizen's Fdg. We have no
> > purchase records.
>
> Don't cost basis gets stepped up on death?
>
> --
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> << that may be imposed upon the taxpayer. >>
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Usually, but not always, bonds are purchased through a Broker and are
held in street name (that is the broker's account). The bond owner is
provided a statement at least as often as interest is paid and always
at the end of the year. This statement, includes the amount of
interest paid for the year and the market value of the bonds on
12/31/07. You can call the broker to see if it changed in the 3
days. Lacking a broker you will get a 1099 from the bonds' transfer
agent with the same information, or you can call them.
ed
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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