Tennessee Taxes on Rental Income

[Juliette V.]

What are the tax laws on rental income in the state of Tennessee?

[Tom Shepard]

@dawnwilkins

Don't know if you got your answer on this. I would get a second opinion from a different tax person. From what I have read the excise and franchise tax are only on entities (LLC, S-corp, etc), and if it's a LLC that's family owned (95%) and "derives substantially all of its income from passive investments" (66.7%+) then you can apply for a waiver of the franchise and excise tax. It's called FONCE (family owned non-corporate entity) if you want to look it up and read what I read.

Best of luck to you!