NASSAUSUFFOLK

 View Only

  • 1.  NYS tax treatment of Accrued Market discount for US Treasury

    Posted 03-16-2024 02:47 PM

    Is accrued market discount from a US Treasury note  taxbale to NYS? I cannot find a definitive answer.



    ------------------------------
    Rhona Liptzin
    CPA, CFP
    WANK & LIPTZIN, LLP CPAs
    Mineola NY
    516-739-0555
    ------------------------------


  • 2.  RE: NYS tax treatment of Accrued Market discount for US Treasury

    Silver Most Valuable Member
    Posted 03-17-2024 07:12 AM
    I would treat as US Govt interest (not taxable on NYS) since the source is a US T note.

    I've never tried to find anything specific to New York treatment of this since I never thought the treatment was in question.

    --
    Larry Prosky CPA
    Prosky & Rosenfeld LLP CPAs
    1025 Old Country Road
    Suite 403 W
    Westbury, NY 11590
    Direct: 516-873-9600 x1
    Fax: 516-873-9602
    Cell (Text) 516-661-6020
    Other: 516-785-5658
    e-mail: larry@prcpallp.com


    Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.  If desired, Prosky & Rosenfeld LLP CPAs would be pleased to perform the required research and provide you with a detailed written analysis.  Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.  

    Privileged and confidential-this communication and any accompanying documents are confidential and privileged.  They are  intended for the sole use of the addressee.  If you receive this transmission in error, you are advised that any disclosure, copying, distribution or the taking of any action in reliance upon this communication is strictly prohibited.  Moreover, any such disclosure shall not compromise or waive the accountant-client, or other privileges, as to this communication or otherwise.  If you have received this communication in error, please contact me at the above e-mail address.  Thank you.
     



    Original Message


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.