Form I-290 Nonresident Real Estate Withholding - South Carolina

What Is Form I-290?

This is a legal form that was released by the South Carolina Department of Revenue - a government authority operating within South Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form I-290?A: Form I-290 is a form used for Nonresident Real Estate Withholding in South Carolina.

Q: Who needs to file Form I-290?A: Form I-290 needs to be filed by nonresident individuals or entities who sell real property in South Carolina.

Q: What is Nonresident Real Estate Withholding?A: Nonresident Real Estate Withholding is a requirement for nonresident sellers of real property in South Carolina to withhold a certain percentage of the sales price and remit it to the South Carolina Department of Revenue.

Q: How much should be withheld?A: The amount to be withheld is generally 5% of the sales price.

Q: When should Form I-290 be filed?A: Form I-290 should be filed within 15 days after the date of sale or transfer of real property.

Q: Are there any penalties for not filing Form I-290?A: Yes, failure to file Form I-290 may result in penalties imposed by the South Carolina Department of Revenue.

Q: Can I request a refund of the withheld amount?A: Yes, you can request a refund of the withheld amount if you have overpaid or if you are eligible for an exemption or reduction in the withholding amount.

Q: Are there any exemptions from Nonresident Real Estate Withholding?A: Yes, there are certain exemptions available, such as sales of property for less than $250,000 or sales where the seller is a U.S. citizen or resident alien.