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mickmeyer
Level 2
February 29, 2020
Question

Is accrued interest taxable on HH bonds?

  • February 29, 2020
  • 4 replies
  • 69 views

I have a 1099-INT that shows annual interest and accrued interest on HH bonds. Are both amounts taxable this year?

This topic has been closed for replies.

4 replies

Maxine
Level 5
February 29, 2020

 

I have a couple of clients with the HH bonds.  The annual interest is on the bonds that pay out the interest annually.   The accrued interest is on bonds that were redeemed.  And yes both are taxable.

    dascpa
    dascpa
    Level 11
    February 29, 2020

    Be careful, depending when the bonds were purchased (on an interest accrued date or other) the purchaser may have paid a premium or received a discount on the purchase.  Therefore the bond interest is not actually earned interest and should be shown as US Government Interest and then subtracted out as Nominee Interest.

    Maxine
    Level 5
    February 29, 2020

     

    Series H and HH bonds were only sold at face value.  And it is US Government interest.  Taxable to the federal and not the state.

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