South Carolina Owner's - Seller's - Affidavit
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How to fill out Owner's - Seller's - Affidavit?
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FAQ
A person is not required to withhold taxes for a nonresident taxpayer who submits an affidavit (Form I-312) certifying that they are registered with either the South Carolina Secretary of State or the South Carolina Department of Revenue.
Code of Laws - 12-8-580 defines a nonresident as (a) an individual whose permanent home is outside of South Carolina on the date of the sale; (b) a corporation incorporated outside of South Carolina, except for those corporations incorporated outside of South Carolina that have their principal place of business in ...
The South Carolina Code of Laws, Section 12-8-580, says that the purchasers are to withhold 7% of gain for individuals and 5% of gain for corporations that are considered a non-resident seller.
A person hiring or contracting with a nonresident who conducts a business or performs personal services of a temporary nature within South Carolina must withhold 2% of each payment in which the South Carolina portion of the contract exceeds or could reasonably be expected to exceed $10,000. ( Sec. 12-8-550, S.C.
Code Section 12-8-590 requires S-corporations and partnerships to withhold income tax at the rate of 5% on nonresident S-corporation shareholders' and nonresident partners' share of South Carolina taxable income.
7% of the total of each payment made to a nonresident taxpayer who is not a corporation. 5% of the total of each payment made to a nonresident taxpayer that is a corporation.
Code of Laws - 12-8-580 defines a nonresident as (a) an individual whose permanent home is outside of South Carolina on the date of the sale; (b) a corporation incorporated outside of South Carolina, except for those corporations incorporated outside of South Carolina that have their principal place of business in ...
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. South Carolina defines ?net capital gain? in the same manner as Internal Revenue Code §1222 and related sections.