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#5
03-07-2009, 08:49 PM
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 Re: How is FannieMae interest taxed? Alan <sfcnm-mtm[at]yahoo.com> wrote: - quote - > Steve Pope wrote:
There are GSE's (Government Sponsored Entities) besides> > Alan <sfcnm-mtm[at]yahoo.com> wrote: > > > Freddie Mac & Fannie Mae bonds are not direct obligations of the > > > USA or a USA agency. As such, the states are free to tax the > > > interest income paid on the bonds. > > The answer is right, but the reasoning is not exact; > > some GSE debt is state-tax-free, some isn't, and some > > it depends on the state. > I've never seen a Fannie Mae or Freddie Mac bond that was treated > as a federal obligation and therefore not taxable by the states > if they so desired. Would you please elaborate. Fannie and Freddie, and some of these issue obligations that are not direct obligations of the US (similar to Fannie/Freddie) but are nonetheless state tax free. A pretty good discussion is here: http://www.smithbarney.com/products_.../agncysec.html Steve -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#4
03-07-2009, 05:52 PM
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| Re: How is FannieMae interest taxed? Steve Pope wrote: - quote - > Alan <sfcnm-mtm[at]yahoo.com> wrote:
as a federal obligation and therefore not taxable by the states> > Kevin wrote: > > > I know it is subject to federal tax, but how about state tax? > > Freddie Mac & Fannie Mae bonds are not direct obligations of the > > USA or a USA agency. As such, the states are free to tax the > > interest income paid on the bonds. > The answer is right, but the reasoning is not exact; > some GSE debt is state-tax-free, some isn't, and some > it depends on the state. > Steve I've never seen a Fannie Mae or Freddie Mac bond that was treated if they so desired. Would you please elaborate. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
03-07-2009, 04:47 PM
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| Re: How is FannieMae interest taxed? In article <Rehsl.12213$i9.329[at]bignews8.bellsouth.net> , Harlan Lunsford <lunstax[at]bellsouth.net> wrote: - quote - > Kevin wrote:
It is now.> > I know it is subject to federal tax, but how about state tax? > > I know of no reason that it would not be subject to state income tax. > Remember, the underlying debit is not that of the U S of A. R's, John -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
03-07-2009, 04:33 PM
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| Re: How is FannieMae interest taxed? Alan <sfcnm-mtm[at]yahoo.com> wrote: - quote - > Kevin wrote:
The answer is right, but the reasoning is not exact;> > I know it is subject to federal tax, but how about state tax? > Freddie Mac & Fannie Mae bonds are not direct obligations of the > USA or a USA agency. As such, the states are free to tax the > interest income paid on the bonds. some GSE debt is state-tax-free, some isn't, and some it depends on the state. Steve -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-06-2009, 09:17 PM
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| Re: How is FannieMae interest taxed? Kevin wrote: - quote - > I know it is subject to federal tax, but how about state tax? I know of no reason that it would not be subject to state income tax. Remember, the underlying debit is not that of the U S of A. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-06-2009, 09:15 PM
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| Re: How is FannieMae interest taxed? Kevin wrote: - quote - > I know it is subject to federal tax, but how about state tax?
USA or a USA agency. As such, the states are free to tax theFreddie Mac & Fannie Mae bonds are not direct obligations of the interest income paid on the bonds. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-06-2009, 05:18 PM
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| How is FannieMae interest taxed? I know it is subject to federal tax, but how about state tax? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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