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Greta
Level 7
February 14, 2021
Question

In Virginia -- is Money Market incl US Govt obligations taxable?

  • February 14, 2021
  • 5 replies
  • 31 views

Does Virginia allow deduction only for US Treasury (in money market investment), or also US Govt obligations?

This topic has been closed for replies.

5 replies

sjrcpa
sjrcpa
Level 15
February 14, 2021

What differentiates the two?

The more I know the more I don’t know.
    GretaAuthor
    Level 7
    February 14, 2021

    Brokerage houses report separately if the source is a US Treasury bills or US Govt obligations like Fannie Mae. I was under the impression that only US Treasury source was deductible in Virginia and other states. Money market funds are made up almost entirely of US Treasures and US Govt obligations. Folks have a lot of money now in MM.

    IRonMaN
    IRonMaN
    Level 15
    February 14, 2021

    Sounds like you are confusing money market accounts with mutual fund accounts.

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