South Carolina Affidavit Of Consideration With Seller
Description
How to fill out South Carolina Affidavit Of Consideration?
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FAQ
The withholding amount is 7% of the gain recognized on the sale by a nonresident individual, partnership, trust, or estate, or 5% of the gain recognized on the sale by a nonresident corporation or other nonresident entity, if the seller provides the buyer with a Seller's Affidavit stating the amount of gain.
The withholding amount is 7% of the gain recognized on the sale by a nonresident individual, partnership, trust, or estate, or 5% of the gain recognized on the sale by a nonresident corporation or other nonresident entity, if the seller provides the buyer with a Seller's Affidavit stating the amount of gain.
Under the withholding statute, the purchaser is liable for the collection and payment of seven (7%) percent of the amount realized on the sale by the nonresident seller or five (5%) percent of the amount realized on the sale if the seller is a nonresident corporation.
Long-term capital gains are included in South Carolina taxable income and taxed at rates up to 7%. However, you can subtract up to 44% of your net South Carolina capital gains, so if you sell a home in South Carolina for a $100,000 profit, your South Carolina tax on that gain would be approximately $3,920.
The South Carolina Code of Laws, Section 12-8-580, says that the purchasers are to withhold 7% of gain for individuals and 5% of gain for corporations that are considered a non-resident seller.
