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Yes, GNMA (Ginnie Mae) PL (Pool) bonds are generally subject to federal income tax. However, the interest income from these bonds is exempt from state and local taxes. Investors should consult a tax advisor for specific tax implications based on their individual circumstances.
What else can I help you with?
What is the main use for GNMA funds?
The main use for GNMA funds is for purchasing Mortgages. GNMA doesn't purchase loans directly, instead they push loan bundles backed by the Federal Housing Administration.
What is the difference between taxable and tax-exempt bonds?
Taxable bonds are subject to federal income tax on the interest earned, while tax-exempt bonds are not subject to federal income tax on the interest earned.
Where can you buy gnma's?
Schwabb sells them direct.
How are bonds taxed?
The income from bonds is taxed, unless the bonds are exempt from federal tax (municipal bonds) and/or state tax (varies by state). If there is gain on the sale of a bond (you receive more than you originally paid for it), the gain is taxable.
Is interest om Federal Home Loan Bank bonds subject to federal income tax?
Yes. Interest from Fed Home Loan Bonds ARE federally taxable and generally are not taxed by states (I live in FL which does not have a state income tax).
Interest on City of Boston Bonds - are they Taxable or non-taxable?
No city bonds are taxable
What is the market cap for iShares Core GNMA Bond ETF GNMA?
As of July 2014, the market cap for iShares Core GNMA Bond ETF (GNMA) is $34,846,000.00.
What is the symbol for iShares Core GNMA Bond ETF in NASDAQ?
The symbol for iShares Core GNMA Bond ETF in NASDAQ is: GNMA.
What is the main use for GNMA funds?
The main use for GNMA funds is for purchasing Mortgages. GNMA doesn't purchase loans directly, instead they push loan bundles backed by the Federal Housing Administration.
What is the difference between taxable and tax-exempt bonds?
Taxable bonds are subject to federal income tax on the interest earned, while tax-exempt bonds are not subject to federal income tax on the interest earned.
Are some municipal bonds taxable?
Yes, it should be reported on your tax return. In general, interest from a municipal is not taxable, but it could affect other items on your return, or be taxable in your state. Proceeds from the sale of a muni bond could be taxable if there is a gain on the sale. This question is too complex to be fully answered in this forum. As always, consult with a tax professional for specific answers. CPA Greg
Is interest on bank account taxable or non taxable?
Taxable, of course. Virtually all interest income is taxable, unless fro a specific tax exempt type investment..like state and muni bonds.
Where can you buy gnma's?
Schwabb sells them direct.
Why some bonds are taxable in Federal as well State?
Nearly all bonds are taxable both federal and state. To be exact, the interest the bonds pay is taxable (as well as any capital gain resulting from trading bonds). The reason is that the tax code taxes interest. Bonds are a way of borrowing money and paying interest to the lender. Bonds issued by the federal government are exempt from state taxes. Bonds issued by states and municipalities are mostly exempt from federal taxes (and exempt from taxes in the state that issued them in some states).
What programs is the GNMA involved in?
special assistance in the financing of federally underwritten mortgages (typically the GNMA buys the mortgages from private lenders at below market prices and sells them to private investors at market prices
What is tax exempt municipal bonds?
Tax exempt municipal bonds can be found through government websites. If you invest in these bonds the interest earned are not taxable. It's an incentive to invest in government programs.
How are bonds taxed?
The income from bonds is taxed, unless the bonds are exempt from federal tax (municipal bonds) and/or state tax (varies by state). If there is gain on the sale of a bond (you receive more than you originally paid for it), the gain is taxable.
