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Wake North Carolina online Form 1041: What You Should Know

Line 2. Line 4—Enter on Line 4, the total taxable income after applying the state deductions, exclusions and credits. Include only the amounts stated on the IRS tax return. Instructions for Estates and Trusts Deduction for Nonbusiness Property — NC.GOV Line 1. Enter on Line 1 the gross proceeds from the sale of a nonbusiness property. Enter on Line 1 the amount of income and state tax paid, if any, and any allowable business deductions, exclusions and credits. Enter at least 500 for each taxable transaction in which the property was used to earn income or to make payments for property or services that do not qualify as business. The computation of the amount of taxable income that is attributable to such property is determined on a first-in, first-out basis. Amounts not includable in gross income include: the amount of real property tax, personal property transfer tax, or sales or use taxes related to the property; and Note: In calculating the amount of income, you do not have to include in your gross income any payment you made or incurred for the use or occupancy of the property. Instead, you must enter into your return income amounts includable in gross income, if any, allocable to the use or occupancy of the tax-exempt property. For example, if you purchased the property using state income tax exemption, the amount of income you report on line 1 is reduced by the amount of the tax-exempt portion of your purchase price. The amount of gross proceeds from the mortgage loan, lease, or the contract with respect to the property is also reduced to the extent you have a net investment income. The amount by which the amount of your lease, tax exemption, or contract with respect to the property allocable to gross proceeds from the sale exceeds the amount you report on line 1, is not deductible. Also, enter on line 1 the gross amount from line 1, after deducting the fair rental value of the property. If you have other taxable income, enter on line 1 the taxable income from all sources, including taxable interest and dividends, or income earned from sources other than capital gains. Enter on Line 1 the amount of income and state tax paid, if any, and any allowable business deductions, exclusions and credits. Include only the amounts stated on the IRS tax return. Line 2. Additions to taxable income — Determine the amount to enter on Line 2.

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