How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6848
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
18215332
Type Your Real Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

My wife and I are selling a condo in South Carolina and

Customer Question

My wife and I are selling a condo in South Carolina and purchasing another. Our combined income in 2015 was 100,000. We purchased the condo in 2013 for 37,000, and hope to get 45,000 with a net of about 42,000 this year. We are purchasing a property for 135,000 plus fees also in SC. What will be our tax liabilities?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

Are you asking about capital gains taxes on the sale of the condo?

.

Or something else?

.

.

thanks

Barrister

Customer: replied 4 months ago.
Capital gains and local SC taxes on out of state sales and purchase within South Carolina. We are permanent residents of West Virginia.
Expert:  Barrister replied 4 months ago.

Ok, I could help with the capital gains, but I have no idea about local SC taxes so I will opt out and open the question to other experts who might be able to answer definitively.

.

No need to reply and another expert should be along shortly to help..

.

thanks

Barrister

Expert:  Irwin Law replied 4 months ago.

Hello, I am another expert and I'll be happy to try to assist you with your question. With regards ***** ***** gains tax that is federal income tax, and your gain, if any on the sale of the condo is well within your $500,000 exclusion for the sale of a residence by a married couple. With regard to South Carolina taxes, I was able to locate a lawyer's blog containing detailed information on the required withholding by a buyer of real estate in South Carolina, when the seller is a nonresident.. See: http://www.hiltonheadrealestateattorney.com/outofstate_withholding.html. Your own Realtor or attorney should be able to explain the details of how this is accomplished.

I hope that you will enter a positive rating for my assistance here by clicking on 3, 4, or 5. There is no additional cost to you. Thanks again for using JUST ANSWER.

Customer: replied 4 months ago.
Thank you, ***** ***** read up on it and see what the blog has to say.
Expert:  Irwin Law replied 4 months ago.

Please don't forget to enter a rating by clicking on one of the five boxes at the top of this reply. We are not employees of Just Answer, and only receive credit for assisting you when the rating is positive.

Related Real Estate Law Questions