TN Farmers Tax Exempt

[FTG-05]

What do you do about paperwork and tracking? In case of that audit?

How did you file your taxes since this is suppose to be for a business and for the sale of agriculture items?

Actually, I don't know. We use an AL tax preparer right now. Since there is no TN state income tax, that's a non-issue. I do get a year-end summary from TSC about my tax-exempt vs taxable purchases, haven't seen anything else from any one else.

I'm not aware of any requirements to have a business license or plan or anything else. I do have a draft plan developed with the local USDA/NRCS, but as far as I know that has nothing to do with the TN tax exemption form.

Here's the TN.gov site on the farm tax exemption. It has a list of what's exempt and what is not. https://www.tn.gov/revenue/article/sales-and-use-tax-agricultural-exemption I see nothing about having to keep records other than your tax number form.

 

[FTG-05]

Great view !! We live in the Cherokee National Forest and are looking for more property with mountain views. Anyhow, thanks for the tax info, this is something we plan to do this year.

Thanks! and good luck!