So what is this about South Carolina holding my money? A number of our clients have asked us this question so we figured it would be best to cover it for others (non-residents) considering selling property in South Carolina. Yes there is a 7% withholding tax on the net gain of the sale, for non-residents of South Carolina. 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 is given by you to your attorney at closing, and 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. For more detailed information we recommend you talk with your accountant or attorney about this.
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