Complete Legal South Carolina Accounting Forms For Free

CAPITAL GAINS DEDUCTION South Carolina Code §12-6-1150 provides a deduction from the South Carolina taxable income of individuals, estates, and trusts equal to 44% of net capital gain recognized.

If you file as a full-year resident, file the SC1040. Report all your income as though you were a resident for the entire year. You will be allowed a credit for taxes paid on income taxed by South Carolina and another state. Complete the SC1040TC and attach a copy of the other state's Income Tax return.

Capital gains tax rate ? 2021 thresholds RatesSingleMarried Filing Separately0%Up to $40,400Up to $40,40015%$40,401 to $445,850$40,401 to $250,80020%Above $445,850Above $250,800

Net capital gains which have been held for a period of more than one year and have been included in the SC taxable income are reduced by 44% for SC income tax purposes. The term "net capital gain" means the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year.

You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly. The exemption is only available once every two years. But it can, in effect, render the capital gains tax moot.

Give us a call at 1-844-898-8542 or email forms@dor.sc.gov so we can direct you to the proper form, or discuss the online filing option that best fits your needs. Filing online using MyDORWAY makes finding the right form easy!