Real Estate Investor · Clarksville, TN · Member since 2016 · 10 posts · 0 votes
I'm registering my business on the Tennessee Department of Revenue website and I'm not going to lie, I'm confused. First, I can't figure out which Classification my investment business is (I THINK I have to use Class 2) and I'm not quite sure what gross taxable receipts are. I believe that's excise tax, correct? It's asking me "Will your gross taxable receipts exceed $3,000 per year?" So I guess my question is... does TN have an excise tax on real estate? I've tried to read and understand the TN tax guide that it references to, but I'm lost in the sauce here. PLEASE HELP.
Realtor · Hermitage, TN · Member since 2014 · 125 posts · 93 votes
10y
If the property is held in a LLC or corp. then you have to file Franchise and Excise Tax in Tennessee. The paper work is more painful than writing the check in my opinion. I have a great CPA that is REI knowledgeable and his fees are fair. If you message me I'll give you his contact info.