topic Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt in Get your taxes done using TurboTax

Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt

Canonical — Wed, 12 Feb 2025 01:06:56 GMT

Is short term capital gains on FFCB Bonds, State tax exempt in VA ?

Please let me know.

Re: Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt

Canonical — Wed, 12 Feb 2025 02:21:37 GMT

Anybody ? Any suggestions ? It looks like it is exempt based on this - https://law.lis.virginia.gov/vacode/title15.2/chapter58/section15.2-5810/#:~:text=Bonds%20are%20tax%20exempt.

if it is does 1099-B broker import will flow correctly in TT ?

Re: Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt

Canonical — Wed, 12 Feb 2025 18:08:40 GMT

anyone any suggestions on if TT can handle treasury and agency bonds state tax exemption from 1099 B?

Re: Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt

SteamTrain — Thu, 13 Feb 2025 00:06:21 GMT

Most states don't exempt cap gains from US Treasuries or US "Agency" bonds.

A "rare" few do, if I recall, but I don't know about VA at all.

And the code you reference refers to the actual "Authorities" of the Commonwealth of VA not being subject to gains on the Bonds they happen to issue...not individuals. (at least not in my reading of it)

Doesn't mean that somewhere else, VA might allow Cap gains generated from US, or US Agency bonds to be exempt from state taxes...BUT.... This requires someone especially knowledgeable in both the VA laws, AND how to deal with it in the VA tax software...(i.e. not I).

So you just have to wait and hope someone who knows VA will reply in the next few days. Or continue researching on your own.

Re: Federal Farm Credit Bank Bonds Capital Gains VA State tax exempt

SusanY1 — Thu, 13 Feb 2025 10:02:27 GMT

No, the capital gains are not exempt. Only the interest would be eligible for exemption.