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South Carolina Capital Gains South Carolina levies a 7% long-term capital gains tax. There is no exemption for primary residences, so any property you sell will cost you 7% on any difference between the price you paid and your selling price. However, 44% of the capital gain is exempt.
South Carolina Median Household Income Earners making up to $3,110 in taxable income won't need to pay any state income tax, as the bottom tax rate in South Carolina is 0%.
Capital Gains Tax is a tax on the profit you earn when you sell an asset that has increased in value. It is payable on property that is not your primary residence, for example, buy-to-let or a second home. You will not usually need to pay this tax if the property you are selling is your main home.
Depending on your age, filing status, and dependents, for the 2022 tax year, the gross income threshold for filing taxes is between $12,550 and $28,500. If you have self-employment income, you're required to report your income and file taxes if you make $400 or more.
Notwithstanding any other provision of law, for purposes of the South Carolina income tax on individuals, for tax year 2020 the due date for returns is extended from April 15, 2021, to May 17, 2021.
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People also ask

How Do I Avoid Paying Taxes When I Sell My House? Offset your capital gains with capital losses. ... Consider using the IRS primary residence exclusion. ... Also, under a 1031 exchange, you can roll the proceeds from the sale of a rental or investment property into a like investment within 180 days.
AK, FL, NV, NH, SD, TN, TX, WA, and WY have no state capital gains tax.
South Carolina is tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.
A. Yes. The seller should file a South Carolina income tax return to report the gain or loss on the sale. The amount withheld on Form I-290 is applied against any income tax due; any excess withholding is refunded to the seller.
The State of South Carolina recognizes the Federal tax extension (IRS Form 4868). If you have a valid Federal extension and you expect a South Carolina tax refund, you will automatically receive a South Carolina extension for the same period of time.

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