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Help! I am a co-owner of several HH bonds that were purchased for me by a relative throughout my lifetime. The relative is the primary owner; I am the "OR" person. I would like to convert these to EE bonds in my name only. Two questions...
1) Since I am a co-owner of these bonds, is this considered a "gift" for tax purposes? The bond face amounts are well in excess of $10,000.
2) Would my relative's estate tax exemption ($675,000 currently) be reduced by the face value of the bonds? What if I cashed them and converted them to other investments as opposed to the EE bonds?
Once again, I plan on converting them to EE bonds under my SS# to assume the tax liability on interest.
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