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If I inherited U.S. Savings Bonds, is the interest taxable income?
It depends on how the deceased person reported the interest before death.
If the owner reported the interest each year prior to death, report the interest in the year of death like this:
If the owner didn't report the interest each year prior to death, report the interest in one of these ways:
In the year you report the interest, you can deduct any federal estate tax you paid. This applies if you owed any tax for including part of the interest in the deceased person's estate.
The redemption values of U.S. Savings Bonds usually are available from:
To learn more, contact:
Bureau of the Public Debt
P.O. Box 1328
Parkersburg, WV 26106-1328