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NC-1099NRS 4 North Carolina Department of Revenue Part 1. Seller?s Information Fill in applicable circle: Individual?s First Name Partnership (USE CAPITAL LETTERS ) Trust Other (Specify) M.I. Individual?s.

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Ownership: Taxpayers must have owned this home for at least 24 out of the past 60 months (put another way, at least two years out of the last five). These months do not have to be consecutive. Use and occupancy: During the period of ownership, this house must have been used as a primary residence.

Capital Gains Taxes There is no capital gains tax in North Carolina; the gains are included as income and taxed at the flat income tax rate of 5.25%.

How to avoid capital gains tax on real estate Live in the house for at least two years. The two years don't need to be consecutive, but house-flippers should beware. ... See whether you qualify for an exception. ... Keep the receipts for your home improvements.

And during those two-years, you can't have been excluding the gains on sale from another home. Homes sales can be excluded from federal capital gains taxes, but in North Carolina capital gains are taxed at the state income tax rate of 5.49% if the gain was above the same limits as the federal government uses.

The state of North Carolina charges an excise tax (commonly referred to as a real estate transfer tax) when transferring property ownership, and the seller is usually responsible for this fee. The rate is $1 for every $500 of value. So, if you sell your home for $400,000, the excise taxes add up to $800.

If you directly or indirectly pay or control the payment of any income to any taxpayer in North Carolina, then you are required to file certain W-2 and 1099 statements with the Department.

NC-1099NRS Report of Sale of Real Property by Nonresidents.

If you have owned and occupied your property for at least 2 of the last 5 years, you can avoid paying capital gains taxes on the first $250,000 for single-filers and $500,000 for married people filing jointly.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232