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Calling all Financial Wizards....cashing in bonds...
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Calling all Financial Wizards....cashing in bonds...
Just curious if anyone knows this....
DH cashed in a bond he received as a baby....It was issued from a Post Office in Italy. After going to the Italian consulate in NYC and sending the bonds to the Italian post office, we were wired over 15K.
How hard are we going to get hit when filing taxes? Someone told me that we have to pay the IRS 30% of that 15K????
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Posted 1/29/08 2:50 PM  |
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Long Island Weddings
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: Calling all Financial Wizards....cashing in bonds...
-when did you receive the funds?
-the amt of tax you'll pay depends on your overall tax situation, but it may be somewhere around 30%
-you may want to make an estimated tax payment to avoid any interest or penalties
-do u know if the Italian govt withheld any taxes on the gross amt of the bond?
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| Posted 1/29/08 2:58 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: Calling all Financial Wizards....cashing in bonds...
Posted by bomb-blast
-when did you receive the funds?
-the amt of tax you'll pay depends on your overall tax situation, but it may be somewhere around 30%
-you may want to make an estimated tax payment to avoid any interest or penalties
-do u know if the Italian govt withheld any taxes on the gross amt of the bond?
We received it in October.
No forms were sent to us from the Italian government. The money was just wired into our account. I don't believe any taxes were deducted.
Good grief, we will owe a nice chunk of cash......oh man.....
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| Posted 1/29/08 3:12 PM |
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