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Updated almost 5 years ago,
South Carolina Withholding Tax for Non Resident
Selling real estate in south carolina and not a resident but there is a withholding tax (7%-10% of the gain) If the gain is $10,000 are they withholding the whole amount or just 7%-10% at the time of the sale? What is the amount being withheld if we are an LLC which I elected as an S-Corp for tax purposes?
Can the gain on the sale be deducted if I consider myself as an employee who is being paid a salary? If I consider it this way then we are losing money.
Should I change our tax status to just LLC without S-corp because it makes it more complicated and not economically advantageous?
I am not sure if I added my sister or not to the LLC through the IRS, how to find out?