Bought a duplex in Sept in TN, remodeled, and put it up for rent. We have ZERO income form the property (just recently rented in Feb), only expenses. Without any income generation from TN, do we still need to file a TN return? We had plenty of expenses in TN (which we captured on our Fed return), but the only thing turbo tax is showing on TN return is stock sales (which I am marking as non-taxable as I paid CA state taxes - my resident state - hopefully I did that correctly).
2007-03-15 20:54:30 · 4 answers · asked by B 1 in Business & Finance ➔ Taxes ➔ United States
You did it correctly. Tennessee only taxes interest income for residents and part-year residents above $1,250 ($2,500 if filing joint).
2007-03-16 02:12:48 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋
Rental income is not taxed in TN, so you're not required to file a TN tax return.
2007-03-15 22:17:42 · answer #2 · answered by tma 6 · 1⤊ 0⤋
you need to have been submitting CA non resident tax returns each year. YIKES! you could bypass lower back and amend as much as 3 years tax returns. you will possibly might desire to withhold state taxes in CA is while you're making a earnings, yet your losses from federal SCH E ought to offset that.
2016-10-18 12:31:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
TN does not tax income and it has not state income tax.
2007-03-16 00:51:24 · answer #4 · answered by WealthBuilder 4 · 0⤊ 0⤋