Grandmother bought savings bonds and gifted to me, she was over age 21 when she bought and bought after 1989. I am trying to figure out whether I can exclude the interest if I redeem and use for qualified educational expenses. Its confusing though because it says in the IRC issued to someone over age 21 trying to figure out who that was.
More information is needed to answer your question. Did your grandmother purchase the savings bonds in her own name or in your name? The person who's name is on title to the bond may redeem it. If your grandmother's name is on the bond and she is deceased, I suggest contacting a estate planning/probate attorney. If your name is on the bonds, I suggest contacting the person who prepares your income tax returns or a tax attorney before redeeming the bonds to learn your options.
NOTE: This is for general information only. Nothing in this information should be construed as creating an attorney-client relationship nor shall any of this information be construed as providing legal advice. Laws change over time and differ from state to state. These answers are based on Illinois Law. Applicability of the legal principles discussed may differ substantially in individual situations. You should not act upon the information presented herein without consulting an attorney about your particular situation. No attorney-client relationship is established.
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