North Carolina NRS Report of Sale of Real Property by Nonresidents

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

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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.