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Lev
Lev, Tax Advisor
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Experience:  Taxes, Immigration, Labor Relations
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During 2010, I lived in Virginia and earned a salary working

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During 2010, I lived in Virginia and earned a salary working for a company located in North Carolina. Thus, I am completing my 2010 North Carolina Individual Income Tax Return (form D-400) as a non-resident. On line 12 of form D-400, I am required to go to lines 54-56 and use the worksheet on page 15 of the instructions to compute how much of my federal taxable income is considered North Carolina taxable income. Line 13 of my federal 1040 is a capital loss carryover from 2009, which capital loss has no relationship to my employment activities in North Carolina during 2010. Thus, if 100% of my federal wages were earned in North Carolina and none of the capital loss deduction on my federal return is related to NC activities, am I correct in that line 56 on the North Carolina Form D-400 should be greater than 100% - i.e. my NC taxable income is greater than my federal taxable income because I am not eligble to subtract the unrelated captial loss from my wages when calculating NC taxable income?
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

LEV :

Hi and welcome to Just Answer!

LEV :

Please clarify where was your actual work location - in Virginia or in North Carolina?

JACUSTOMER-o2x51hjy- :

North Carolina - and North Carolina taxes were withheld from my pay

LEV :

let me verify...

JACUSTOMER-o2x51hjy- :

OK

LEV :

Please see for reference – page 31 - http://www.dor.state.nc.us/practitioner/individual/bulletins/income_bulletins_09-10.pdf


3. Effect of Residency Status on Net Operating Losses


As stated earlier, the amount of net operating loss carried over and absorbed for federal tax purposes is also the amount carried over and deducted for State tax purposes. If the taxpayer is a nonresident or a part year resident in the year the net operating loss is incurred and a resident in the year to which the loss is carried, the taxpayer receives the full benefit of the deduction, regardless of whether the net operating loss resulted from North Carolina source activities.


While there is no clear indication – I assume that capital losses and net operating loss have same treatment – and you may claim $3000 carried over loss on your NC tax return as attributable to NC.


Please provide that information to your tax preparer for consideration.


You may confirm that deduction by calling NC DOR directly - 1-877-252-3052.


Let me know if you need any help or clarification.

JACUSTOMER-o2x51hjy- :

Thank you!

LEV :

You are welcome. Please be sure to accept the answer. experts are only credited if answers are accepted.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22617
Experience: Taxes, Immigration, Labor Relations
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