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Use the chart below to determine the amount of your NC standard deduction based on your filing status: If your filing status is: Your standard deduction is: Single. $12,750. Married Filing Jointly/Qualifying Widow (er)/Surviving Spouse. $25,500. Married Filing Separately. Spouse does not claim itemized deductions.
May 17, 2021 · Offered as the NC Home Advantage Tax Credit through the NC Housing Finance Agency in North Carolina, a Mortgage Credit Certificate can save you up to $2,000 on your federal taxes annually for the life of your mortgage. For most buyers, this means saving money for their entire 30-year mortgage, putting more money in their pockets for household ...
Sep 15, 2023 · This deduction allows you to write off the interest you pay on your mortgage loan. As a homeowner in North Carolina, you can claim a deduction on mortgage interest for your primary residence, second home, or even a vacation home, provided that the loan amount doesn't exceed certain limits. This deduction can substantially reduce your taxable ...
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Mortgages taken out after October 13, 1987, to buy, build, or substantially improve a main or second home. Acquisition Debt Incurred After December 15, 2017: Total acquisition debt on main and second homes combined is limited to $750,000 ($375,000 Married Filing Separately). Limit is reduced by any grandfathered debt.
- Property Taxes in North Carolina
- Transfer Taxes in North Carolina
- Capital Gains Tax in North Carolina
- Methodology
The average effective property tax rate in North Carolina is 0.82%, but this can vary quite a bit depending on which county the home is in.
Transfer tax is a blanket term used to describe fees charged by the state or local municipality when transferring property from one entity to another. North Carolina's current transfer tax rate is usually $1 per $500. So, for a house worth $330,820 — the median home price in the state — the transfer tax due will be $662. Some cities and counties al...
Capital gains are profits made from selling an asset. If you sell your property at a gain, you may owe taxes on the profits to the IRS and the state. Fortunately, there are ways to avoid paying taxes on your home sale profits.
The Clever team of researchers gathered data for property taxes, transfer taxes, and capital gains rules using publicly available information from government websites. Additionally, we utilized the following data: 1. Home values, list prices, and sale prices: Based on Zillowdata as of July 2024. 2. Transfer taxes and mortgage taxes: Based on public...
Dec 21, 2018 · If a taxpayer claims North Carolina itemized deductions, G.S. 105-153.5(a)(2)(b) provides a deduction for mortgage expense and property tax. The combined deduction may not exceed $20,000. For purposes of the property taxes, the amount allowed as a deduction equals the amount allowed as a deduction for property taxes paid or accrued on real estate under section 164 of the Internal Revenue Code ...
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Jun 13, 2023 · In North Carolina the loan origination fee is capped at 0.25 percent, meaning the fee on a $288,800 loan (after 20 percent down on a median-priced $361,000 sale price) would be about $722.
