Personal Property Tax Return County of Horry

Personal Property Tax Return County of Horry

Investor · Philadelphia, PA · Member since 2014 · 344 posts · 276 votes

Hello BPer's,

I purchased a property (vacation/STR) in Garden City Beach last year. I recently received the PT-100 personal property tax return for filing. I have many questions about how to complete the form and I am willing to pay for a tax preparer to complete, if I can find one!

I have reached out a Liberty Tax, H&R Block, a local account to help me understand how this return should be completed. They don't support these filings I found instructions for completion on the State's website, but that didn't help with my full understanding.  As a last resort I reached out to my management company, no help here.  It can't be this hard, can it?!

Please, I am looking for any resource that can help me complete this return myself or get to someone who can.

Here are some questions I have:

1. The form asks for total acquisition cost: I purchased the condo furnished and would have no idea of the cost of the existing furniture.  I do know none of it is brand new.  I have spent about $600 dollars buying a TV and lamps.  Is this the total acquisition I need to report?

2. Where do I find the SC Income Tax Depreciation Table?

4. There is a portion on the back of the form "for Residential Type Properties Only" is this the only section I need to complete?

3. If taxes are owed, do I send the payment along with the return?

Any help will be greatly appreciated.

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
2y

I never fill these out and just pay the flat rate which is has always been less than $100.  

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I never fill these out and just pay the flat rate which is has always been less than $100.  

  • Investor · Minneapolis · Member since 2023 · 265 posts · 162 votes
    2y

    Julio Gonzalez would know someone.  Check him out. 

  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    2y

    Well @John Underwood seems to have a handle on this, but you might want to contact a CPA in your area to go over it if you are still concerned.

    I am not sure this will be helpful @Paulette Midgette but here is the directions on how to fill out the form - https://dor.sc.gov/forms-site/Forms/PT100_Inst.pdf

    It really just says fill this out, but it might help a bit.

  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    I don't have an answer for this either; except the best person to talk with would be a CPA that specializes in real estate.

  • Investor · Member since 2022 · 1k+ posts · 754 votes
    2y

    This is why I have a CPA who specializes in real estate. 

  • Investor · Philadelphia, PA · Member since 2014 · 344 posts · 276 votes
    2y
    Quote from @John Underwood:

    I never fill these out and just pay the flat rate which is has always been less than $100.  


     Can you elaborate on what you mean by paying the flat rate? How is this done without remitting some type of paperwork?  Something I neglected to share in my post.  I live in Pennsylvania.  

  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I have done this for properties in different states. If you don't turn in the paperwork the county makes an assumption of $xx and the tax on this in my experience has been pretty low.

  • Investor · Philadelphia, PA · Member since 2014 · 344 posts · 276 votes
    2y
    Quote from @John Underwood:

    I never fill these out and just pay the flat rate which is has always been less than $100.  


     Understood.  Thanks so much John!

    • Jeff EbertPro Member
      Member since 2023 · 54 posts · 20 votes
      1y
      Quote from @Paulette Midgette:
      Quote from @John Underwood:

      I never fill these out and just pay the flat rate which is has always been less than $100.  


       Understood.  Thanks so much John!

      HI Paulette!  I just received a PT 100 in the mail-I have a property in MB and live in Chicago.  What did you end up doing?  Waiting as John suggested?  Did you end up getting a "bill" around $100?
  • Myrtle Mike ThompsonBusiness Member
    Realtor · Myrtle Beach, SC · Member since 2016 · 350 posts · 204 votes
    2y

    @Paulette Midgette I just replied on the other thread you created.  Hope that helps.  Congrats on your purchase!

  • Member since 2024 · 43 posts · 15 votes
    2y

    I can't help. I have not received my first one yet. But just a hello to another new MB owner! We closed yesterday on our first STR and we are heading out there on Fri (from ATL) to actually go inside. Ours needs a full reno though. It still has 1984 carpet and everything else appears to be original....

    Hello!!

  • Member since 2025 · 1 post · 0 votes
    1y

    Hello everyone. Same here, just got PT-100 in the mail, and cannot figure out how to fill it out. Any recommendations? thank you

  • Jonathan EdmundPro Member
    North Myrtle Beach, SC · Member since 2017 · 58 posts · 40 votes
    1y

    Don't get too caught up on this form. It wants to know the value of the furniture, fixtures and equipment in your property. Aim low, it's for taxes not insurance purposes. If you don't fill it out, the county will assign a value to your personal property, and they are generous. You can hire a CPA or attorney to help you but I just come up with a value of what I could buy the furniture and appliances for on facebook or craigslist used. They aren't going to come check. You just need to have a fairly reasonable number. Your PP tax bill should be under 200 bucks for the year. I really think it's a stupid tax. You can also fill out the document and submit online at the county assessor site instead of mailing it in if you'd like.

  • CPA| New Clients Welcome| 50 States · Member since 2016 · 435 posts · 93 votes
    1y

    Hi Paulette. 

    - The acquisition cost refers to your property's purchase price.

    - Depreciation should be calculated over 27.5 years.- Yes, if the property is rented, you can claim depreciation and must also file Schedule E with your federal return.

    If you need further assistance, you've come to the right place to reach a tax professional. 

  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    1y

    Usually, there is a checkbox on these forms for a declared total value - similar to the standard deduction on your taxes. I get this every year, and use them for kindling for my smoker.

  • Rental Property Investor · RI · Member since 2018 · 4 posts · 0 votes
    1y

    @Jeff Ebert

    Were you able to get any other answers? I have pushed the form to the side because it makes no sense to me and wondered if I will eventually get a bill.

    • Jeff EbertPro Member
      Member since 2023 · 54 posts · 20 votes
      7mo
      Quote from @Jennifer Ruhle:

      @Jeff Ebert

      Were you able to get any other answers? I have pushed the form to the side because it makes no sense to me and wondered if I will eventually get a bill.


      @Jennifer Ruhle. I just got another one and I am thinking about not filling it out a la @John Underwood. I actually think that is what I did last year. How about you?

  • Rental Property Investor · RI · Member since 2018 · 4 posts · 0 votes
    7mo

    @Jeff Ebert I think I filled something out last year and totally winged it and ended up paying $300 something dollars for these taxes which seems kind of high. I might ask my tax person to assist this year.

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