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Updated over 6 years ago,
21st Mortgage CASH Program Sales Tax
I need to find other park owners that have used the 21st Mortgage CASH Program to fill their parks. Specifically those that immediately kept the homes as rentals instead of selling them to an owner occupant. 21st sent me a check to pay the sales tax for the homes we purchased and now I have no idea how this will work come tax time.
Here is the scenario...we purchased 5 homes and immediately rented them out. 21st sent us a check for the sales tax. I went to SCDOR to pay the sales tax and they said I would show having 100,000 (for example) in sales, since I am filing this sales tax return with SCDOR. I asked my accountant and she said the same thing. She said if I did not report the sales on my end of year business return, I could be audited since they check sale tax returns against tax returns.
Has anyone had this happen before? Anyone in SC would help too. I called 21st and they could not answer my question. I am stuck unless I can figure out a way to offset 100,000 on my taxes or get 21st to pay the sales tax on their end.
Thanks in advance!!!