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  • Nc-1099nrs Report Of Sale Of Real Property Web-fill By ...

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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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How to fill out the NC-1099NRS Report Of Sale Of Real Property online

Filling out the NC-1099NRS Report Of Sale Of Real Property online is essential for buyers in North Carolina purchasing real estate from nonresident sellers. This guide provides clear, step-by-step instructions to help you complete this form accurately and efficiently.

Follow the steps to complete the NC-1099NRS form online

  1. Press the ‘Get Form’ button to access the NC-1099NRS form and open it in your chosen editor.
  2. Begin with Part 1, Seller’s Information. Select the applicable circle to indicate whether the seller is an individual, partnership, estate, trust, or other entity. Fill in the seller's name using capital letters, along with their Social Security Number or Federal Employer ID Number, and contact details.
  3. In Part 2, Buyer’s Information, again select the applicable circle for the buyer's status. Complete the buyer's name and identification numbers. Make sure to include the address and contact information as done in Part 1.
  4. Move to Part 3, Sale Information. Indicate whether the sale involves a personal residence, then provide the gross sales price, the county where the property is located, and the book and page numbers where the deed is recorded. Don’t forget to enter the date of closing in the specified format.
  5. Finally, complete Part 4 by certifying the accuracy of the report. Include the preparer's name, telephone number, signature, and date of completion.
  6. Once the form is completed, review it for accuracy. Save any changes made. You can then download, print, or share the form as necessary before mailing it to the North Carolina Department of Revenue.

Complete your NC-1099NRS report online today!

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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
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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 WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
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