North Carolina NRS Report of Sale of Real Property by Nonresidents
Extracted from PDF file 2022-north-carolina-form-1099nrs.pdf, last modified October 2003
NRS Report of Sale of Real Property by NonresidentsNC-1099NRS 4 ✖ PRINT CLEAR Report of Sale of Real Property by Nonresidents Web-Fill 3-20 CORRECTED (if checked) (See instructions on reverse.) The buyer must file this form within 15 days of the closing date of the sale. Part 1. Seller’s Information Fill in applicable circle for the seller’s entity type: Individual Partnership Estate or Trust LLC Individual’s First Name (USE CAPITAL LETTERS) M.I. Individual’s Last Name (USE CAPITAL LETTERS) Individual’s Social Security Number Spouse’s First Name (If property owned jointly) M.I. Spouse’s Last Name (If property owned jointly) Spouse’s Social Security Number Entity’s Legal Name (USE CAPITAL LETTERS) Federal Employer ID Number Address County City State Contact’s First Name (USE CAPITAL LETTERS) M.I. Zip Code Country (If not U.S) Contact’s Last Name (USE CAPITAL LETTERS) Contact’s Phone Number Part 2. Buyer’s Information Fill in applicable circle for the buyer’s entity type: Individual Partnership Estate or Trust Corporation or Unit of Government Individual’s First Name (USE CAPITAL LETTERS) M.I. Individual’s Last Name (USE CAPITAL LETTERS) Individual’s Social Security Number Spouse’s First Name (If property owned jointly) M.I. Spouse’s Last Name (If property owned jointly) Spouse’s Social Security Number Entity’s Legal Name (USE CAPITAL LETTERS) Federal Employer ID Number Address County City State Zip Code Country (If not U.S) Part 3. Sale Information Is the transaction for the sale of a personal residence? (Fill in applicable circle) Enter the book number and page number in which the deed is recorded. Yes No $ Gross sales price County in which property is located Book number Page number Date of closing (MM-DD-YY) Part 4. Authorized Signature I certify that, to the best of my knowledge, this report is accurate and complete. Preparer’s Name (Please Print) Telephone Number (Include area code.) Preparer’s Signature Date Mail To: North Carolina Department of Revenue, Central Examinations Section, P.O. Box 871, Raleigh, NC 27602-0871 Page 2 NC-1099NRS Web-Fill 3-20 Instructions for Report of Sale of Real Property by Nonresidents General Information Every individual, fiduciary, partnership, corporation or unit of government buying real property located in North Carolina from a nonresident individual, partnership, estate or trust must complete Form NC-1099NRS reporting the seller’s name, address, and social security or federal identification number; the location of the property; the date of closing; and the gross sales price of the real property and its associated tangible personal property. Form NC-1099NRS may be filed electronically via the Department’s eNC3 and Information Reporting Application. Important: If you have electronically filed Form NC-1099NRS, do not mail the paper copies of these forms to the Department. Instructions to Buyer Complete this form if you buy real property located in North Carolina from a nonresident seller (individual, partnership, estate, or trust). Within fifteen days of the closing date of the sale, you must file this report with the North Carolina Department of Revenue, Central Examinations Section, P.O. Box 871, Raleigh, North Carolina 27602-0871 and furnish a copy of this form to the seller. Information for Seller Generally, any gain recognized for federal income tax purposes by a nonresident from the sale of real property and its associated personal tangible property located in this State is also subject to North Carolina income tax; therefore, a nonresident who sells real property located in North Carolina is required to file a North Carolina individual income tax return and pay the tax on the portion of the federal taxable income that represents the gain from the sale of the property. Note: Federal regulations allow for the deferral of all or part of a gain that is invested into a qualified Opportunity Fund under Internal Revenue Code section 1400Z-2. North Carolina did not conform to the temporary deferral of income for certain gains timely invested in a qualified Opportunity Fund under Internal Revenue Code section 1400Z-2. These gains are not deferred for North Carolina tax purposes and must be included in determining a nonresident seller’s state tax payable. For additional details, see Form D-401, North Carolina Individual Income Tax Instructions. The nonresident may also be liable for payment of estimated income tax on the gain to be recognized. You must pay North Carolina estimated income tax if you expect to owe $1,000 or more and you expect your withholding and tax credits for the current year to be less than 90 percent of the tax on the current year tax return, or 100 percent of the tax on the prior year return. You do not have to pay estimated income tax if you were not required to file a North Carolina return for the previous year. Partnerships, estates, and trusts are not required to pay estimated income tax. Additional information for reporting a gain from the sale of real property may be obtained by calling the North Carolina Department of Revenue at 1-877-252-3052 (toll free). Forms and instructions for filing an income tax return and paying estimated income tax may be obtained from our website (www.ncdor.gov) or by calling 1-877252-3052 (toll free). The buyer must 1. 2. 3. Complete and mail the original to: North Carolina Department of Revenue, Central Examinations Section, P. O. Box 871, Raleigh, North Carolina 27602-0871 Mail a copy, including instructions above, to the seller. Retain a copy for your records.
1099 NRS web
More about the North Carolina Form 1099NRS Individual Income Tax Nonresident TY 2022
We last updated the NRS Report of Sale of Real Property by Nonresidents in February 2023, so this is the latest version of Form 1099NRS, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form 1099NRS directly from TaxFormFinder. You can print other North Carolina tax forms here.
Other North Carolina Individual Income Tax Forms:
|Form Code||Form Name|
|Form D-400||Individual Income Tax Return|
|Form NC-40||Individual Estimated Income Tax|
|Form D-401||Individual Income Tax Instructions for Form D-400|
|Form D-400 Schedule S||North Carolina Supplemental Schedule|
|Form D-410||Application for Extension for Filing Individual Income Tax Return|
North Carolina usually releases forms for the current tax year between January and April. We last updated North Carolina Form 1099NRS from the Department of Revenue in February 2023.
Form 1099NRS is a North Carolina Individual Income Tax form. Many states have separate versions of their tax returns for nonresidents or part-year residents - that is, people who earn taxable income in that state live in a different state, or who live in the state for only a portion of the year. These nonresident returns allow taxpayers to specify which which income is subject to the state's taxes, and which is not.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of North Carolina Form 1099NRS
We have a total of seven past-year versions of Form 1099NRS in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
1099 NRS web
While we do our best to keep our list of North Carolina Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.