17 NCAC 06B .3804. MISCELLANEOUS RULES

(a)  When a payment is received by the Department of Revenue for less than the correct tax, penalty, and interest due under the law and the facts, and the payment includes the statement, "paid in full" or other similar statements, the payment will be deposited as required by G.S. 147‑77.

(b)  Tenancy by the Entirety: When filing separate returns a determination must be made as to that portion of the income or loss from real property that must be reported by each spouse.  When real property conveyed jointly in the name of husband and wife is located in another state and the share of ownership of each is not fixed in the deed or other instrument creating the co‑tenancy, each spouse is considered as having received one‑half of the income or loss from the real property unless they can demonstrate that the laws of that particular state with respect to the right to the income from the property allocate the income or losses in a different manner.

(c)  Effective for sales on or after January 1, 1992, every individual, fiduciary, partnership, corporation, or unit of government buying real property located in North Carolina from a nonresident individual, partnership, estate or trust is required to complete Form NC‑1099NRS, Sale of Real Property by Nonresidents, reporting the seller's name, address, and social security number, or federal employer 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.

Within 15 days of the closing date of the sale, the buyer must file one copy of the report with the Department and also furnish a copy of the report to the seller.

 

History Note:        Authority G.S. 105‑154; 105‑262;

Eff. June 1, 1990;

Amended Eff. June 1, 1993; October 1, 1991; February 1, 1991.