I had bought and sold TVA bonds as a long term investment. I was told that the interest from the bonds is tax free but the bonds are not considered Federal obligations which means the gain on their sale could be taxed in Michigan. I completely confused. I have entered their sale on the long term gains part of Sch. D. Also on the 1099-B it states something about "accrued interest sold-$26.18" Please help!
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