Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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?
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..
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.
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