All Forum Posts by: Paulette Midgette

 Understood.  Thanks so much John!

I live in Pennsylvania and purchased a STR in Myrtle Beach Area this past fall. I recently received a personal property tax return. Yes, there are instructions on how to complete the form. However, there is information requested on the form that is not in the instructions. I have some basic term clarification and logistical questions. Yes, I contacted a number of tax preparers in the area and well as an account. I was told, they don't handle this return.

Is there anyone in SC  or invest there that can answers a few questions for me?

 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.  

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.

Thank you all very much for your well though tout responses. @Tookie Nemchak and @Myrtle 

@Myrtle Mike Thompson, I am especially thankful for you realtor insight.  This is a great forum and I am happy I reached out@

Hi There,

I am from Philadelphia, PA and will be visiting Myrtle Beach next month with the goal of purchasing my first STR ever. The local agent has sent me an agency document and I am wondering if it is worth signing on to the buyer's agent relationship or to simply remain a customer. In Philly, I know full well want to expect as a customer vs having a buyer's agent agreement. Basically here there are no significant differences. What is the advantage/disadvantage in MB. I understand that SC is a lawyer closing state. What does this mean with respect to closing and closing cost? PA is a title company state and I use them to order title insurance, estimate closing costs, hold escrow funds, etc. Will a lawyer perform these types of duties? Is the lawyer paid separately or is the fee wrapped into the closing costs?

I appreciate all the education I can get here.

P.

Hello James,

I have been investing in Philadelphia and the surrounding suburbs since the late 80's.  Also, I was born and raised in Philly so I know the area.  Take a look at these websites.  Jumpstart Germantown and Jumpstart Norristown.  I am a graduate of Germantown and I have a partnership with the leader of Norristown.

Please reach out if you would like to chat.

Hello BPers, I need some help with researching a market. I am interested in purchasing a a vacation property (condo/townhome/single family) in Williamsburg, VA that could double as a rental when I not using it. Understanding that there is a wealth of accommodations (hotels, B&Bs, etc.) in the area, is there a rental market for what I am considering? Or is their too much competition with hotels and the like?

Any insights, tips, guidance will be appreciated.

Regards,

Thank you Benjamin.  I appreciate you willingness to provide a an agent contact.  However, I already have an agent I've connected with the area.

Hi David,

Thanks so much for the response.  Please make the introduction between your friend and myself.