North Carolina Tax Changes and Info

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Claiming Casualty Losses on Your Individual Income Tax Returns

If you suffered a casualty loss due to Hurricane Floyd and your loss occurred in an area that qualifies for federal assistance, you may elect for both state and federal income tax purposes to deduct the loss on your 1998 income tax return or you may wait and deduct the loss on your 1999 return.

The election may be made at any time before April 15, 2000. For State tax purposes, the election must be filed on an amended return Form D-400X . You should write "Hurricane Floyd" on the top center of the return so that it will be handled in a special manner.

If you have any questions or need additional information, please contact your local NC Department of Revenue office or call the main office in Raleigh at (919) 733-4684. The telephone numbers and addresses of local offices can be found on the Department's website at http://www.dor.state.nc.us/DOR/contact/ .

For more information, eMail: taxinfo@electrofile.com

All information provided is general in nature and intended to create awareness, not to address the specific circumstances or concerns of any individual or entity. Although we try to provide correct and timely information, we cannot guarantee the accuracy of any information or that such information will continue to be accurate in the future due to the changing nature of the tax laws. Before acting on any of the information provided here, you should consult with a professional advisor who knows all of the unique facts and circumstances pertinent to your particular situation.

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