Printable Form Instructions 709 Winston–Salem North Carolina 2024-2025

Printable Form Instructions 709 Winston–Salem North Carolina: What You Should Know

If, however, a taxpayer requests to use this form, that taxpayer only may be authorized to assign a value for a property. A property shall not be assigned a value until a determination is made that the property meets the requirements of the individual unit. If a taxpayer submits a timely request, the Tax Collector shall notify the taxpayer in writing of the IRS Commissioner's determination of the value of the property. The Tax Collector also may determine, in its opinion and on the basis of all relevant evidence, that the property is exempt from federal income tax because the IRS has determined it to not be a United States or State tax base and is not owned or controlled by any person as a source of property income. (See Revenue Ruling 2008-49. See the specific section of the Ruling and the associated Rulings on page 14, and the General Ruling on page 8.) For more information on determining taxable income, see General Rulings, Tax Collector's Catalog, Volume 22, Property and Federal Tax Regulations (GTM) 5200. The form is signed on the cover page by the taxpayer, and is marked “"For Individual Returns Only”" In order for this form to be used, any information about the property and any information regarding the Tax Collector's determination must be provided to the Tax Collector by the taxpayer prior to the date the Form 709 is filed. On page 1 of the Form 709, the taxpayer must provide the following information: (a) The taxpayer's name (b) The taxpayer's address  (c) The date of the taxpayer's release In most cases, the taxpayer will furnish all the items required on this page unless the taxpayer determines that the value of the properties is greater than 250,000 and that, in addition, the taxpayer is ineligible to assign a value on his/her tax returns under the SOAR program. (d) The taxpayer's income from the property (e) The aggregate price of the property, less any income on the property, to include the following items: (1) The value of the personal residence or land used as a home, or any additions or improvements.

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