Quote Originally Posted by Nor View Post
No matter when you bought it if you declare all the interest you receive each year as you receive it, it's pointless to have to add it all on just to subtract it off again.
In most circumstances I would agree with you. But what would happen if there was a change in your tax bracket over the year that meant you were owed a tax refund? That would not be reflected in your declared income statement from the bond issuer. So you would have to make such an adjustment outside of the tax you were recorded as paying by the bond issuer.

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