Form 8689 North Carolina 2024-2025

Form 8689 North Carolina: What You Should Know

This income must be reported on your North Carolina Individual Income Tax Return. This is in addition to income taxes you paid to the local authority in the county you live in. For income received by an individual who is married, joint, or filing a common-  law partnership, the gross income reported to the North Carolina Tax Court must be more than you were assessed by that county. The court assesses the difference of that amount to you. Information about North Carolina Tax Laws Information about North Carolina Tax Laws, including special education and tax credits, is available at (Last modified March 27, 2018) General Questions about Your North Carolina Tax Return What is the income tax? The General Revenue Fund (NRF) of North Carolina is used for two purposes: 1. To purchase books, equipment, and other items used by the Public Education System (PES) to provide services to children. 2. To provide emergency aid to school districts, libraries, and other public agencies in need. The NRF is divided into three general funds: The General Fund, the Special Education Special Fund, and the Emergency Aid Special Fund. You can find information about your NRF on your North Carolina tax return by using the following question: “What is the income tax for the year?”  What property is taxable? Property is taxable based on what is called its “assessed valuation.”  Assessed valuation is the figure published each tax year by the State of North Carolina Department of Revenue. Assessed value is determined by applying tax rates, and the State's actual and necessary expenses for the administration of the tax.  As of 2018, the three taxable categories for land in North Carolina are: 2. General Real Expositions are: (a) Real Estate, the original purchase price, plus interest at the rate of 7.5% per annum, as long as the price was paid by (1) the actual purchaser(s), a spouse, or (2) the surviving entity if the actual purchaser(s) is deceased or the amount of the purchaser(s)' interest is less than 500,000.

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