Form 8823 North Carolina 2023-2025

Form 8823 North Carolina: What You Should Know

It was developed, developed, and revised by Statewide  and local unit examination personnel. The information contained in this document is based on current practices by the Statewide and local units. The information contained is subject to change. Use of the information contained in this document does not, in itself, indicate that you have not been noncompliant, or have not complied with any other aspect of the Statewide and local programs. If your organization has concerns relating to compliance with the Statewide and local programs, you should contact the Statewide and local unit and its local partners. Overview, Information on Current Procedures at Statewide and Local Unit Examination Offices. All income attributable to the rental use of a dwelling shall be recorded as rental income. (a) It must be recorded as rental income if the total amount due under rent and tax for the calendar year is 5,200 or less. (b) It must be recorded as rental income if the total amount due under rent and tax for the calendar year is 10,200 or more. If the total amount due under rent and tax for the calendar year is less than 5,200, the income is generally recorded as an itemized return as provided in the Tax Summary Tables (Taxpayer's Guide for the State of North Carolina) (TCW) or a separate Form 8823, if a separate Form 8823 has been filed. If the total amount due under rent and tax for the calendar year is 5,200 or more, there is no need to file Form 8823. Example 1: Tenants: They rent a single-family dwelling on the North Carolina Housing Trust Fund for 8,000/mo. The tenants do not deduct the mortgage interest and other expenses for the year in excess of 1,000 which reduces the adjusted basis of the property to 4,300 (for the current year). Total of annual taxable income for the year is 7,900. They file Form 8823 for the tax year, deduct the mortgage interest expense and file an itemized tax return for the taxable income in excess of 5,200. As the amount of rent attributable to the dwelling does not exceed 7,100, this can be filed with the TCW or Form 8823.

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