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An infestment property, owned for 25 years, is sold in South…

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An infestment property, owned...

An infestment property, owned for 25 years, is sold in South Carolina by a person 81 years old from Pennsylvania.. Is it exempt from 7% of gain withheld for the state?

Accountant's Assistant: Has anything been filed or reported?

No the closing is on Friday.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No, I have been told because of my age I was exempt from this tax. Just info was not from an attorney so I just wan to double check.

Submitted: 9 months ago.Category: Tax
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9/25/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,056
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

So far I have found no such exempt based on age for the mandatory withholding on the sale of SC real property by a nonresident.

South Carolina Code Section 12-8-580 mandates that anyone purchasing real property in South Carolina from a nonresident Seller must withhold seven percent (7%) of the gain recognized on the sale by the nonresident Seller. If the nonresident Seller is a partnership, trust, or estate, the purchaser is also obligated to withhold seven percent (7%) of the recognized gian. If the nonresident Seller is a corporation, the purchaser must withhold five percent (5%) of the nonresident corporation's recognized gain.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

Please let me know if you need more information.

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