If an individual is eligible for one (or both) of the property tax relief income tax credits for the 2007 tax year, but the individual died during 2007, what happens to the credits?
If a final 2007 North Dakota individual income tax return is filed for the individual, calculate the credits on Schedule PT and enter them on the final return. In the case of the residential and agricultural property income tax credit, if the credit exceeds the income tax liability, choose the option to receive a property tax relief certificate. The deceased individuals representative may then redeem the certificate in the county in which the property is located. If the individual has an unused commercial property income tax credit, there is no option to receive a property tax relief certificatean unused commercial property income tax credit can only be carried forward to the next tax yearand therefore an unused commercial property income tax credit is of no benefit and is forfeited. If a North Dakota individual income tax return is not required to be filed for the deceased individual for the 2007 tax year, and the eligible property consists of residential or agricultural property (or
Related Questions
- If an individual is eligible for one (or both) of the property tax relief income tax credits for the 2007 tax year, but the individual died during 2007, what happens to the credits?
- Does the storm relief apply to the individual tax refund claims for tax year 2003 where the regular three-year statute of limitations is expiring?
- If the donor does not have enough tax liability in the tax year the contribution is made, can the credits be used on subsequent tax returns?
