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Old 08-23-2015, 03:39 PM
 
1 posts, read 660 times
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Hi there,
My wife and I had a rental property in Tennessee transferred to us earlier this year. The deed to the property is in both of our names, but both live and work outside of TN.

I was reading on [url]http://www.city-data.com/forum/tennessee/273175-nonresident-file-tax-rental-property.html[/url] about an individual having to pay state taxes when owning a property in TN but residing in another state. There was much discussion on the franchise and excise taxes [url]https://www.tn.gov/revenue/topic/franchise-excise-tax[/url] and the FONCE exemption.

My understanding earlier this year when we received the property is the only taxes I would owe within TN are the local/county property taxes, the rest would all be federal. As we are not a registered business or an LLC, are the franchise and excise taxes applicable? If so, would we need to file a FONCE exemption each year?

Much thanks!
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