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SC TAX INFORMATION
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South Carolina income tax
Witholding Income Tax at the Closing Table.
Are you an out of State Seller? Then you need to know ... that the SC Department of Revenue may want some of your gain.
Sellers- you may not take home a check for the amount you expect as the SC Department of Revenue may take some.
In South Carolina, out of state sellers may owe state income tax from a sale.
Buyers are made responsible for witholding funds from the seller and sending the funds to SC Department of Revenue.
Seller can file a South Carolina Income Tax Return to apply for any refund due.
Closing attorneys typically do the administrative work to ensure the witholding happens.
NOTE: (ONLY attorneys can close purchases or refinances of real property in South Carolina.)
There is a state form by which an out of state seller can swear to the amount of gain subject to the tax. Sellers should consult with their tax adviser/CPA to correctly fill out the form.
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Selling a home in MYRTLE BEACH, South Carolina
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Selling a home is an involved process that affects your future. Before you begin this process, you'll want to ensure that you have the most up-to-date information. When should you sell? How do you get the best price? What kinds of renovations should be made prior to the sale?
When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal - selling your property fast, and for the best price.
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Please contact me if you have any questions about selling your MYRTLE BEACH property.
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