Sold rental property in 2016 in TN but I am resident in AL. Do I file anything for TN? Also, need help with the depreciation.

wedding062615 · ‎June 3, 2019

IreneS · ‎June 3, 2019

UPDATED FOR TAX YEAR 2019

Tennessee has no income tax. TN state only taxes investment income from stocks and bonds (at a flat rate of 5%). If you have investment income from stocks and bonds (described in detail in the "TN Income Tax" section), you may have to file a Tennessee tax return for investment income.

TN does not tax capital gains from the sale of real estate, stocks, etc. [Capital gains distributions from mutual funds are taxable, however.]

[Edited | 4/15/2020 | 8:00am PDT]

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View solution in original post

IreneS · ‎June 3, 2019

UPDATED FOR TAX YEAR 2019

Tennessee has no income tax. TN state only taxes investment income from stocks and bonds (at a flat rate of 5%). If you have investment income from stocks and bonds (described in detail in the "TN Income Tax" section), you may have to file a Tennessee tax return for investment income.

TN does not tax capital gains from the sale of real estate, stocks, etc. [Capital gains distributions from mutual funds are taxable, however.]

[Edited | 4/15/2020 | 8:00am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Sold rental property in 2016 in TN but I am resident in AL. Do I file anything for TN? Also, need help with the depreciation.