Tennessee Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption

State:
Multi-State
Control #:
US-04048
Format:
Word; 
Rich Text
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Description

Cetification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption: This Certification is necessary to determine whether the sale or exchange should be reported to the Seller, and to the Internal Revenue Service on Form 1099-S, Proceeds from Real Estate Transactions. If a residence has more than one Owner, each Seller must sign the Certification. This form is available in both Word and Rich Text formats.
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FAQ

Not every sale of a home prompts the issuance of a 1099-S form. The issuance usually depends on the details of the transaction and if you meet specific criteria set by the IRS. If you qualify for the Tennessee Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption, you might not receive a 1099-S. Always verify your eligibility and keep thorough records of your transactions.

Tangible personal property, taxable services, amusements, and digital products specifically intended for resale are not subject to tax. Retail sales to the federal government or its agencies and the State of Tennessee or a county or municipality within Tennessee are not subject to tax.

To obtain a Certificate of Tax Clearance, contact the Tennessee Department of Revenue at (615) 741-8999.

Tax-exempt refers to income or transactions that are free from tax at the federal, state, or local level. The reporting of tax-free items may be on a taxpayer's individual or business tax return and shown for informational purposes only. The tax-exempt article is not part of any tax calculations.

An official document that gives someone special permission not to do or pay something: a medical/tax exemption certificate.

Sales tax exemption certificates enable a purchaser to make tax-free purchases that would normally be subject to sales tax. The purchaser fills out the certificate and gives it to the seller. The seller keeps the certificate and may then sell property or services to the purchaser without charging sales tax.

A tax clearance certificate (TCC) is a document issued by SARS confirming that the applicant's tax affairs are in order. TCCs are required for tender applications, to reflect "good standing, for foreign investment, and for emigration purposes.

In Tennessee a Tax Status Compliance Certificate is called a Letter of Tax Clearance and is issued by the Tennessee Department of Revenue for a Company or Sole Proprietor which has met all of its Tennessee tax obligations.

You likely received a Tennessee resale certificate when you registered for your Tennessee sales tax permit. If you don't have this document, you can contact the Tennessee Department of Revenue to request a new copy by calling 615-253-0600 or submitting a request on their website.

Before entering a new contract or a continuing contract with the Government, its Department, Agencies and Instrumentalities, one of the requirements is to submit a Tax Clearance Certificate (TCC) from the Bureau of Internal Revenue (BIR) to prove full and timely payment of taxes, and compliance with tax laws.

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Tennessee Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption