Tennessee

TN inheritance tax not imposed for deaths after Dec 31, 2015

“The inheritance tax is no longer imposed after December 31, 2015.”

Note: Fetched text rendered the date phrase in bold; emphasis markers stripped, wording unchanged.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee Hall Income Tax repealed effective 1/1/2021; capital gains were never taxed

“The Hall Income tax was repealed for tax periods that begin on January 1, 2021, or later. The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.”

Note: Tennessee's Hall income tax, which applied only to interest income and dividends, was repealed effective January 1, 2021. Capital gains were not subject to the Hall tax and are not subject to any Tennessee income tax. The Hall tax was phased out over several years and fully eliminated as of TY2021. Capital gains were excluded from the Hall tax base throughout its existence.

Tennessee elective community property: TCA §§35-17-101 to 35-17-114 allows married couples to elect CP treatment via a qualifying trust

“This publication doesn't address the federal tax treatment of income or property subject to the 'community property' election under Alaska, Tennessee, and South Dakota state laws.”

Note: Primary statute: TCA §§35-17-101 to 35-17-114 (Tennessee Community Property Trust Act of 2010, enacted by 2010 Tenn. Pub. Ch. 1056). Married couples may elect CP treatment for assets held in a qualifying TN community property trust. Double step-up benefit (IRC §1014(b)(6)) is legally arguable but no IRS ruling has confirmed it for TN trusts. IRS Pub. 555 (December 2024) confirms the election mechanism exists.