When a non-resident, Out of State Seller sells their property, it often triggers a requirement for the closing attorney to collect and hold possible state capital gain taxes. Understanding what the law is pertaining to withholding taxes helps show your client your level of professionalism and knowledge. In this episode you will learn what is a non-resident seller, how much money is collected from the non-resident seller at closing, how is the amount calculated, what are capital gains and what are the exceptions to the withholding rules.
Also, another installment of As Gary Sees It on the Oregon law suit on "Love Letters" and Gary's Good News Only!
* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your jurisdiction for applicable legal advice germane to your issue.