Mortgage backed securities

[patelrpn]

Good morning!

I have a question regarding interest earned on Mortgage backed Securities -

Is this exempt from Michigan state income tax or not?

Please advise.

Thanks,

[baldietax]

generally Fannie and Freddie securities are state taxable.  bonds issued by other agencies like FHLB and Federal Farm Mortgage Corp are state exempt.  you'd need to check the MI tax code they should have a schedule like this I googled - this is from 2010

https://www.michigan.gov/-/media/Project/Websites/taxes/MISC/2010/2010_Income_Tax_Fed_Oblig.pdf?rev=...

[patelrpn]

Yes i am all set and it’s a closed issue .

Thank you for your reply!

Ramesh