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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.

 
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IreneS
Intuit Alumni

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.

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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IreneS
Intuit Alumni

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.

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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