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TAX TIPS TUESDAY: Thinking of selling your home?
H&R Block Presents – THINKING OF SELLING YOUR HOME?
Need more room? Downsizing? Relocating? Want something different?
If you have been thinking about selling your residence, there’s good news where income tax is concerned. A home sale often doesn’t affect your taxes. If you have a loss on the sale, you can’t deduct it from income. But, if you make a profit, you can often exclude it. This is called “home sale exclusion”, or less commonly “sale of a personal residence exclusion”.
Current tax laws provide an exclusion of gain on the sale of your primary residence up to $250,000 or $500,000 if married filing a joint return. That means you can sell your residence for $250,000 (or $500,000) more than what it cost you to purchase or build and pay no tax on the sale! If your gain exceeds the excludable amount, the remaining taxable amount will be taxed as a long term capital gain which is usually a lower tax rate.
To qualify for the exclusion, you generally must have owned the property for at least 2 years and the property must have been your primary residence for 2 of the last 5 years prior to the sale.
The gain on the sale is determined by taking the gross selling price less your cost basis in the property. Cost basis is the total of the original acquisition cost plus improvements made during your ownership and plus many of the costs you incur to sell the property.
If you used a portion of your home for business or rental purposes during your ownership. This type of usage may affect your gain or loss calculations.
If you have questions about the tax impact of selling your residence and would like help from the Tax Professionals at H&R Block, please call 931-728-9462. H&R Block has your back in Manchester!
Leroy Munsey
Leroy Munsey was born May 31, 1933 to the late Willie Mildred Arnold Munsey
and Roy Munsey. He passed his life on October 8, 2021 at his home
surrounded by his loving family. Leroy served his great country for 5 years
in the United State Airforce. Upon leaving the military, he began working
at Arnold Airforce Base as a photographer. During this time, he received
the Professional Photographers of America, the “Dick” Dickerson Award, the
Southeastern Award, and multiple Court of Honors. He went on to obtain a
photographic craftsman certification, as well as, becoming a certified
Tennessee photographer. He served on the council of the National
Photography Association for 13 years and was a member of the Tennessee
Professional Photographers’ Association for 69 years where he was named
president in 1976. Leroy was very active in the community during his
lifetime. He later opened two successful photography studios where he
served many families and students over the years. He was a member of
Highland Lodge 214 for 62 years, as well as, Worshipful Master in 1969. He
was also part of the Scottish Rite, where he obtained the 32nd degree, as
well as, a lifetime member of the AL Menah Temple. In addition, to the
above, he was a member of the Flying Fezz and the Motor Corps. After
retirement from the base and photography, he became employed with the
Coffee County Board of Education as a bus driver for 12 years. Leroy was a
devout Christian and a member of the of East Main Church of Christ. He
enjoyed riding motorcycles, flying his planes as an instrument rated-multi
engine pilot, living life on the farm, spending as much time as possible
with family and friends and watching the VOLS play football. In addition to
his parents, he is preceded in death by his sister, Zada Ruth Munsey
Sellers. He is survived by his loving wife, Shelia; three daughters, Vickie
Munsey (Joe), Leanne Munsey Clayton, Tracy Munsey McDonald; grandchildren,
Amanda Scattergood, Kyle Clayton, Sean Mason (Ashley), Sawyer Manson,
Briana McDonald, Ashlyn McDonald; great-grandchildren, Kaleb, Amelia,
Alyssa and Korbin Scattergood, Kaylee Mason, Kelby Barnes, Oliver Barnes;
special family, Steven, Penny, Adam (Kayla), Heidi (Joseph) Barnes. Many
sisters and brother-in-law and an abundance of nieces and nephews.
Online condolences may be made at www.davesculbertsonfuneralhome.com.
Daves-Culbertson Funeral Home is in charge of arrangements.
William Davis Bass
Mr. William Davis Bass, age 81, of Manchester, TN,
passed from this life on Thursday, October 7, 2021, at his residence.
Bill was born on May 28, 1940, in the Oak Grove community in Franklin
County, TN. He was the only child of his parents, Harry G. Bass and Jeanne
Owens Bass. The family later moved to Fayetteville and then to Manchester
when Bill’s father began working at AEDC.
Bill met his wife, Susie, when they were both children at a church function
in 1952. They were married on July 24, 1964, at the First Baptist Church
in Manchester. Bill graduated from MTSU and attended law school at
Vanderbilt University. He retired after many years of service as the
judicial commissioner for Coffee County.
He is survived by his loving wife, Sandra Sue Nichols Bass, and children
Steven (Lisa) of New Orleans and Alison (Brian) of Manchester, along with
grandchildren Byron Davis Bass of Murfreesboro, Calvin Bass of New Orleans
and Savannah Kramer of Indianapolis.
Visitation with the family will be at Central Funeral Home in Manchester on
Monday, October 11, 2021, from 12:00pm to 2:30pm. A graveside service will
be held at Rose Hill Memorial Gardens at 3:00pm following the visitation.
In lieu of flowers, please make a donation to the Coffee County Children’s
Advocacy Center, 104 N. Spring St. Manchester, TN 37355, (931) 728-8888, or
the Sportsmen & Businessmen’s Charitable Organization, P.O. Box 521
Manchester, TN 37349, (931) 728-5048.
MLB: Braves and Brewers even at 1-1 as series moves to Atlanta
Showing why he has quickly established himself as one of the game’s top starters, Max Fried once again got the Braves back on track with another of those dominant starts he frequently produced over the past couple of months.
Ozzie Albies capped a two-run third with a double and Austin Riley drilled a sixth-inning solo homer that gave Fried some comfort as he guided the Braves to a 3-0 win over the Brewers in Game 2 of the National League Division Series on Saturday at American Family Field.
THUNDER RADIO is your exclusive home for the Braves in Coffee County. Game 3 first pitch is set for 12:07 pm and can be heard live on Thunder Radio: 107.9 FM, 106.7 FM, 1320 AM.
VOLLEYBALL: Lady Raiders head to Cleveland for region tournament
Following a dominating performance in District 6-AAA regular season and the postseason, Coffee County’s Lady Raider volleyball team has its assignment moving forward.
The Lady Raiders will make the haul into the eastern time zone Tuesday, Oct. 12, for the Region 3-AAA volleyball tournament at Cleveland High School. The Lady Raiders will take on Bradley Central at 4:30 p.m. (EASTERN, 3:30 pm CENTRAL) in a win or go home situation. If Coffee County can win that best-of-five match with the Bears, the Lady Raiders will play in the region championship match at 7:30 p.m (EASTERN, 6:30 pm CENTRAL) at Cleveland High School. A win in the semi-finals against Bradley Central also guarantees a trip to the state sectional. A loss against Bradley Central ends the season.
Raiders return to action Friday; look to even record
After a 1-4 start, things have turned around nicely for the Coffee County Central Red Raider football team.
The Raiders pieced together back to back wins over Spring Hill and Warren County (the latter being a region win) to improve to 3-4, and after a week off to rest and recover from a physical 7 weeks of football, the Raiders have a chance to finish strong.
Coffee County welcomes region opponent Cookeville to town on Friday. A win would make 3 in a row for CHS – something the Raider football program has not done since 2007. A win would also even the Raiders’ record at 4-4 with two games remaining, tie last season’s win total and guarantee CHS a spot in the playoffs.
Wednesday Coach Doug Greene Show
Join Thunder Radio and CHS head coach Doug Greene, along with player guests, Wednesday at Praters BBQ for The Coach Doug Greene Show, exclusively on Thunder Radio. Show starts at 7 p.m. and can be heard live on 107.9 FM, 1320 AM, 106.7 FM, thunder1320.com and on the Manchester Go smartphone app. Everyone is welcome to attend – no meal purchase necessary. Join us on the back porch at Praters as we talk the Raiders’ win over Warren County, off week activities and preview Cookeville.
FRIDAY INFORMATION
The Raiders and Cavs kickoff at 7 p.m. Friday at Carden-Jarrell Field. Cookeville beat the Raiders last season by just one point in Putnam County. Tickets will be sold digitally through gofan.co.
You can hear the game on Thunder Radio beginning with the Friday Night Thunder Pregame show at 6 p.m. – 107.9 FM, 1320 AM, 106.7 FM, thunder1320.com and on the Manchester Go smartphone app. Postgame show will provide listener call-in opportunities, audio highlights from the broadcast and a scoreboard of area teams of interest.
LOOKING FORWARD
The Raiders will play their final home game of the season on Friday, Oct. 22 when Rockvale comes to Manchester for a non-region tilt.
Gov. Bill Lee calls for review of education funding formula
On Friday, Oct. 8, Tennessee Governor Bill Lee and Commissioner of Education Penny Schwinn invited Tennesseans to participate in the full review of the state’s education funding formula and explore possibilities for a more student-centered approach.
“We will pursue a rigorous review of our state’s education funding to ensure we are properly investing in students and stewarding our resources well,” said Gov. Lee. “I invite every Tennessee parent to tell us about their current experiences as well as their hopes for the education, environment and experience in our K-12 public schools.”
The state’s current school funding framework, also known as the Basic Education Program (BEP), has not been meaningfully updated in more than 30 years.
“Tennessee’s students are the future of our state, and we’ve got to be sure our public schools are well-equipped to prepare each and every one of them for lifelong success,” said Commissioner Penny Schwinn. “Consistent with our focus to continuously improve the academic achievement of all Tennessee students, we are excited to open public conversations and discuss an investment strategy that aligns with those goals and values.”
District and school leaders, elected officials, families, education stakeholders and members of the public will be engaged in the coming months through committees, survey opportunities, local meetings and more. Public engagement will focus on a student investment strategy that incorporates the following:
- Prioritizes students over systems
- Empowers parents to engage in their child’s education
- Incentivizes student outcomes
- Ensures all students, regardless of location or learning needs, are served at a high-level
- Reflects Tennesseans’ values
- Creates flexible funding that prepare students for postsecondary success
“How we fund education is one of the most important conversations that we can have as a state,” said House Education Administration Committee Chairman Mark White. “Today’s announcement and the engagement opportunities to follow will better equip leaders at all levels as we ensure that school funding works to serve all students. I am excited for the opportunity to work alongside my colleagues in the General Assembly, the administration, local officials, educators, and parents on this important topic.”
“Opening up the opportunity for conversations to look at funding for education in Tennessee is vital to continued growth of not only the academic but also nonacademic needs of students across the state,” said Dr. Joey Vaughn, Director of Schools, Manchester City Schools. “Tennessee has been a leader in education and focusing on strategic investments for our kids and their futures is essential to continue the great work in our district and statewide.”
“The education landscape is constantly evolving, as well as the different challenges educators face in providing quality instruction to students,” said Dr. Jared Bigham, Senior Advisor on Workforce & Rural Initiatives, Tennessee Chamber of Commerce & Industry. “It’s critical that our investment in K-12 education supports the best individual student experience possible and prepares students for success upon graduation. Our state’s continued success in the future depends on our good stewardship of resources today.”
“With Tennessean’s commitment to becoming one of the strongest states in the nation for education, it is timely for us to examine this ambitious and worthwhile goal to invest in our students and our state,” said Dr. Cathy Beck, Director of Schools, Cheatham County Schools. “The state needs a funding strategy reflective of the needs of all our students, educators and communities, and we are thrilled to be part of these robust conversations.”
“As the chief funding mechanism for our public schools, the BEP formula is an essential part of our education system. I am glad that through this listening tour and working groups, we will be able to receive feedback from various stakeholders across the state on ways to potentially enhance public education funding. Any future improvements will focus on our students to find innovative solutions for better student outcomes,” said Senate Education Committee Chairman Brian Kelsey. “I applaud this effort to bring greater clarity to this widely misunderstood and complicated system. I look forward to working with the Tennessee Department of Education, educators, parents and local leaders throughout this process to ensure our education system offers a top-quality education to all Tennessee students.”
“I am supportive of the call from Governor Lee to convene a special exploratory committee to dig deep into the steps necessary to rewrite the Basic Education Program formula,” said Dr. Russell Dyer, Director of Schools, Cleveland City Schools. “The current BEP has served Tennessee educators, families, and students for a number of years. However, now is the time to actually move past the rhetoric, sharpen our pencils, and make real changes that will benefit Tennesseans for years to come. I feel confident that together we can and will make this take place and I look forward to working with Governor Lee, Commissioner Schwinn, members of the General Assembly, my fellow Superintendents and others to make this happen.”
“The timing is right in Tennessee to take a comprehensive look at the way we fund K-12 education,” said Teresa Sloyan, President, Hyde Family Foundation. “A funding formula that better supports the diverse needs of individual students could have an important impact in accelerating academic outcomes. We support Governor Lee, Commissioner Schwinn and state policymakers in advancing this important conversation.”
“The BEP as it exists was formulated many, many years ago. Since that time, the needs of our state and its schools have changed drastically,” said Dr. Shawn Kimble, Director of Schools, Lauderdale County Schools. “I appreciate Governor Lee’s efforts in working to find a more equitable and adequate funding formula. This is important work that is needed for meeting the many needs of our students, our employees, and our communities.”
“Tennessee students deserve better than a nearly three-decades-old education funding formula. We applaud today’s announcement and view this action as an appropriate step in elevating the conversation around public school funding,” said Adam Lister, CEO, Tennesseans for Student Success. “As this process advances, Tennesseans for Student Success looks forward to challenging those involved to prioritize solutions that serve all of Tennessee students.”
“The needs of our students are much different today than they were fifteen years ago as are the expectations and responsibilities placed on Tennessee’s educators,” said Dr. Ted Horrell, Director of Schools, Lakeland School System. “A thorough reexamination of our state’s K-12 funding formula is both necessary and welcome as we strive to provide the best possible education to Tennessee’s students.”
“I am looking forward to hearing from our local districts in regards to Governor Bill Lee and Commissioner Penny Schwinn’s important announcement on school funding,” said House Education Instruction Committee Chairlady Debra Moody. “Since our districts are so unique their collective input is vital to begin the conversation.”
“With last week’s announcement of Blue Oval City, Governor Lee and Commissioner Schwinn’s call for an exploratory committee on education funding comes at a critical time for our community, region, and state,” said Joey Hassell, Director of Schools, Haywood County Schools. “School districts play a key role in community development, economic development, and workforce development.”
“While Tennessee continues to place the highest priority on quality education for our state’s children, the time is definitely overdue to examine our current method of K-12 educational funding,” said Dr. Nancy Dishner, President and CEO, Niswonger Foundation. “Our decades-old method includes a number of issues that are causing unnecessary difficulty for school district leadership. Educational needs and opportunities have changed since the last major reform. We need to make certain that funding is equitable and adequate for all demographic areas of our state. It is time to listen to those concerns and seek the solutions that ensure the best quality education for Tennessee’s children and our future.”
“We are excited to engage in conversations about the state’s funding formula and the important work around providing additional needed supports for students in Tennessee,” said Kristy Brown, Director of Schools, Jackson County Schools. “This is a great opportunity for districts large and small.”
“In order to advance student learning, Tennessee needs a modernized school finance system that reflects the education needs of today,” said David Mansouri, President and CEO, State Collaborative on Reforming Education (SCORE). “This prioritization from Governor Lee and state leaders comes at the right time as we all help students and schools urgently recover from the disruption of the pandemic. We should consider the individual needs of Tennessee students and work towards a way of funding education that is more transparent and better supports those unique needs.”
“The pandemic and extended school closures have had a massive impact on students, particularly on the economically disadvantaged and Black and brown students who were already most at risk of falling behind academically. We need a bold approach for the future, and we can’t pay for that approach with an outdated funding system that prioritizes where a child lives over who a child aspires to be,” said Victor Evans, Executive Director, TennesseeCAN. “So we applaud Governor Lee, Commissioner Schwinn, and our legislative leaders for their leadership at this critical time to explore ways to adjust and modernize school funding for the future and to help quickly close the learning gaps that too many of our students now face.”
Tennessee Treasurer: IRS snooping on bank accounts is bad idea
Friday, Tennessee State Treasurer David H. Lillard, Jr. speaks out in opposition to the Biden Administration plan to monitor banking accounts with more than $600 in transactions per year.
“Seniors and other Tennesseans are already suffering from pain caused by the current environment of extremely low interest rate earnings. If that was not enough, now the Biden Administration has proposed turning your community banker into an IRS agent. The Administration’s American Families Plan would require banks to report to the IRS the inflows and outflows of accounts with a value of more than $600.
While the Biden Administration is trying to bill this as ‘improving tax compliance’ on the wealthy, this plan is a massive invasion of the privacy of middle-income Americans and an unnecessary, tremendous compliance burden on community bankers. It will substantially increase the unbanked in our nation.
Banks are already required to report a tremendous amount of information on high-income earners. As a tax attorney who practiced for over 25 years, I believe the IRS fails to effectively use existing reporting requirements and has failed to keep this information safe from cyberattacks.
Collecting more data will solve nothing and could increase risk of cyberattacks and other security breaches exposing personal financial information of American families.
I suggest the Biden Administration follow Tennessee’s playbook – be fiscally responsible. Tennessee has no state income tax and the Tennessee General Assembly passes a balanced budget every year while still maintaining a conservative record of lowering taxes for Tennessee families.
Authorizing the IRS to snoop in the bank accounts of Tennesseans is a bad idea. I have urged Tennessee’s Congressional delegation to defeat this unnecessary overreach.”
-WGNS radio helped with this story
Traffic stop leads to recovery of stolen items; two arrested
A traffic stop by The Bedford County Sheriff’s Office Criminal Investigations Division led to the recovery of a stolen truck, several stolen trailers and tools reported missing in several theft cases spanning multiple counties, including Coffee County. According to their Facebook page, the Bedford County Sheriff’s Office stopped a pickup truck matching the description of the stolen vehicle after spotting it on Fairfield Pike. Their investigation led them to a home on Philippi Road where they found a trailer which was stolen with the truck, another stolen trailer from Unionville and a large assortment of tools.
The Shelbyville Police Department was then able to link stolen items to two separate burglaries including one in Coffee County. The BCSO would like to thank the 17th Judicial Drug Task Force for their assistance with the investigation. Two arrests have been made in connection with the thefts. Jonathan Blade Sachs and Lauren Nichole Makin have both been charged and are currently in the Bedford County Jail.
County School Board could vote on director contract extension Monday
Both the Coffee County and Manchester boards of education will be meeting in regularly scheduled meetings on Monday, Oct. 11.
One key item on the agenda for the Coffee County school board meeting will be whether or not to renew the contract of Director of Schools Charles Lawson, whose contract is up next year.
The County School Board meets at 4:30 p.m. at the Board of Education building – 1343 McArthur St. The public is always welcome and encouraged to attend.
Meanwhile, the City Board of Education will meet at 5 p.m. Monday at College Street Elementary. The public is always welcome and encouraged to attend.