Myrtle Beach Real Estate

7% Withholding in South Carolina

Wednesday, February 20. 2008

A number of our clients have asked us about the 7% withholding tax that South Carolina does for non-residents. We figured it would be beneficial to our clients to cover this topic for others (non-residents) considering selling their property here in South Carolina. Yes there is a 7% withholding tax on the net gain of the sale. This only applies for non-residents though. Many people don't understand that when they are a non-resident of South Carolina and they sell a property here there is a 7% withholding tax. The amount (your net gain) is given to your attorney by you at closing. Then, at the end of the year you can file a South Carolina tax return, and any excess that was withheld will be refunded to you. If you would like more information on this we would suggest that you speak with your accountant or attorney about this.

Posted by David Willis in General at 08:57 | Comments (0) | Trackbacks (0)

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