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|Subject: Re: Cashing I bond with co-owner||Date: 6/29/2003 9:18 AM|
|Author: AcmeFool||Number: 7747 of 35116|
I was going to reply to you with that link, but there was a sentence that made me pause: "Since the 1099-INT is issued to the person cashing the bonds, it's possible that you might receive a 1099-INT for interest that should be reported by someone else..."
That sentence makes the whole of the page almost irrelevant IMO. It does not allow anything to be pinned down. I also went and looked at the publication referenced on that page, and it was not any clearer.
I *believe* you would be responsible for the taxes on the interest. Only two people could possibly be responsible in this case and you are one of them. Since you are the one cashing the bond and you are listed on the bond, I would guess the liability falls to you. But this is the IRS we are talking about and things can get muddy in a hurry!
Best of luck.
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