Oct 16 • TCC Huddle
Legal Tip of the Week - Simple Capital Gains for Real Estate Transactions
Simple rules for South Carolina Transactions:
- Federal § 121 Exclusion (Home Sale Exclusion): If the property is your primary residence and you meet the use and ownership tests (2 of last 5 years), you may exclude up to $250,000 (individual) or $500,000 (married filing jointly) of gain from federal taxable income. This helps reduce the gain that flows into your SC return.
- Nonresident Withholding: If a nonresident sells real property in South Carolina, the buyer or the closing agent must withhold SC income tax (based on certain rules) up front, unless an exemption applies.
3
0 comments
Legal Tip of the Week - Simple Capital Gains for Real Estate Transactions
skool.com/tcc-trainings
Real estate trainings to help you discover local community leaders, for free (mostly).
Leaderboard (30-day)
1
+4
2
+3
3
+3
4
+2
5
+1
Powered by