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North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions

State:
North Carolina
Control #:
NC-SKU-0024
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PDF
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Schedule C-2 Property Claimed As Exempt Other Jurisdictions
North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions is a document filed with the North Carolina Department of Revenue to exempt certain property from taxation in another jurisdiction. This type of filing is generally used when an individual or business is subject to taxation in multiple states or countries, and wishes to avoid double taxation. The types of North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions include: real estate, personal property, tangible and intangible property, corporate stock, partnership interests, and any other property that may be subject to taxation in another jurisdiction.

North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions is a document filed with the North Carolina Department of Revenue to exempt certain property from taxation in another jurisdiction. This type of filing is generally used when an individual or business is subject to taxation in multiple states or countries, and wishes to avoid double taxation. The types of North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions include: real estate, personal property, tangible and intangible property, corporate stock, partnership interests, and any other property that may be subject to taxation in another jurisdiction.

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FAQ

Electricity, Fuel and Natural Gas, Sales and Use Tax Exemption. Retail sales, as well as the use, storage or consumption of electricity, fuel and piped natural gas sold to a manufacturer are exempt from sales and use tax for use in a manufacturing operation.

North Carolina's Homestead Exemption The homestead exemption protects equity in your home. In North Carolina, The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. Both spouses must be on the title to double this exemption.

If a creditor has a judgment against an individual in North Carolina and is seeking to execute the judgment in North Carolina, that creditor will need to serve the judgment debtor with a Notice of Right to Claim Exemptions. Upon service, the judgment debtor has the right to file a MOTION TO CLAIM EXEMPT PROPERTY.

Wildcard: up to $5,000 of any unused portion of homestead exemption, transferred to an asset of your choice. Motor vehicle: up to $3,500 for one vehicle (unless it was purchased within 90 days of filing) Personal property: up to $5,000 plus $1,000 per dependent (max of 4)

North Carolina's property exemptions usually cover most property owned by someone facing a judgment. North Carolina allows you to exempt: Up to $35,000 in equity in your primary residence. Up to $3,500 in equity in a vehicle.

All taxable personal property in North Carolina is appraised at its true value in money. The two main exceptions are inventories owned by manufacturers, retailers, wholesalers, and contractors as well as non-business personal property. These types of personal property have been exempted by statute in North Carolina.

The North Carolina Homestead Exemption (see NCGS §1C-1601(a)(1)) protects up to $35,000 of equity in a home for a single individual or $70,000 of equity for a married couple with a joint creditor. In certain instances, for individuals over the age of 65, this protection may increase to $60,000.

Retirement accounts. Qualified retirement plans ? such as 401(k) accounts, IRAs and Roth IRAs, tax-sheltered annuities, deferred-compensation plans and many pension and profit-sharing plans ? are automatically protected from creditors under North Carolina law as well as the Employee Retirement Income Security Act.

More info

This is an Official Bankruptcy Form. Be as complete and accurate as possible.If two married people are filing together, both are equally responsible for supplying correct information. Exemptions are claimed in Schedule C of the debtor's petition. Schedule C is the form you'll use to list the property that you can protect with either a state or federal exemption. Nonbusiness taxes may only be claimed as an itemized deduction on Schedule A (Form 1040), Itemized Deductions. To report your New York additions from a partnership, New York S corporation, or estate or trust, complete Schedule A, Part 2. Partnerships and other legal entities are not eligible for this exemption. MI-1040CR-2 or file Form 3174 and attach it to the state income tax form. C. Which Form to File?

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North Carolina Schedule C-2 Property Claimed As Exempt Other Jurisdictions