Welcome Guest. Register Now!  


South Carolina SC


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-15-2008, 11:13 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
What interest income received by a Taxpayer is subject to tax in South Carolina?

According to South Carolina Department of Revenue, "Interest" that is received by a South Carolina Individual Taxpayer, from the following sources are taxable to South Carolina;

1. Repurchase Agreements
The interest received by a "buyer" in a repurchase agreement transaction of a federal obligation.

2.Federal Tax Refunds
Interest paid on federal tax refunds.

3.Federal and State Credit Unions
Interest from deposits with federal and state credit unions.

4.Federal Home Loan Mortgage Association (Freddie Mac)
Interest from obligations issued by the Federal Home Loan Mortgage Association.

5.Federal National Mortgage Association (Fannie Mae)

Interest from obligations issued by the Federal National Mortgage Association.

6.Government National Mortgage Association (Ginnie Mae)

Interest from obligations issued by the Government National Mortgage Association.

7.Municipal obligations of states other than South Carolina

Interest from obligations issued by other states and municipalities.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
South Carolina State Tax Information TaxGuru South Carolina 0 09-24-2008 11:31 PM
How many Corporation Income Tax Rates does South Carolina have for Tax Year 2008? TaxGuru South Carolina 0 09-11-2008 06:15 PM
How many Individual Income Tax Rates does South Carolina State have for Tax Year 2008 TaxGuru South Carolina 0 08-30-2008 12:02 AM
What are the Personal Exemption Rates for South Carolina State for the Tax Year 2008? TaxGuru South Carolina 0 08-30-2008 12:01 AM
What is the maximum amount a taxpayer can deduct as student loan interest? vanngo Miscellaneous 1 12-07-2007 01:30 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.