Page 42 - Interest Income - Individuals
P. 42
WHO PAYS THE TAX ON U.S. SAVINGS BOND INTEREST
IF…. THEN the interest must be reported by...
you buy a bond in your name and the name of You.
another person as co-owners, using only your
own funds
you buy a bond in the name of another person, the person for whom you bought the bond.
who is the sole owner of the bond
you and another person buy a bond as co- both you and the other co-owner, in proportion
owners, each contributing part of the purchase to the amount each paid for the bond.
price
you and your spouse, who live in a community you and your spouse. If you file separate
property state, buy a bond that is community returns, both you and your spouse generally
property report one-half of the interest.
