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South Carolina Free Printable  for 2024 South Carolina Seller's Affidavit - Nonresident Seller

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Seller's Affidavit - Nonresident Seller
Form I-295

1350 STATE OF SOUTH CAROLINA DEPARTMENT OF REVENUE SELLER'S AFFIDAVIT NONRESIDENT SELLER WITHHOLDING dor.sc.gov I-295 (Rev. 6/28/22) 3278 This is an affidavit of facts. See SC Revenue Ruling #09-13, available at dor.sc.gov/policy, for information about this affidavit. On oath, being first duly sworn, I certify the following: 1. This affidavit is being given in connection with a sale of real estate. Based on SC Revenue Ruling #09-13, this affidavit is being used to relieve the buyer from withholding or allow the buyer to withhold on the gain stated below. 2. I have attached to this affidavit a description of the real property and any tangible personal property being sold as a part of this sale. The real property is located in County, and its tax map number is . 3. I am the seller of the property described in the attached description. 4. The closing date of this sale is 5. My name is 6. My address is Street address City State ZIP 7. My SSN or FEIN is 8. I acknowledge my obligation to file a South Carolina Income Tax return for the year of sale. 9. 10. Resident: I am a resident of South Carolina, as defined in SC Code Section 12-6-30. Deemed Resident (must be a business): Based on SC Code Section 12-8-580(C) and SC Revenue Ruling #09-13, I am deemed to be a resident of South Carolina because: 1. a. b. 2. I am a corporation incorporated outside of South Carolina, my principal place of business is in South Carolina, and I do no business in my state of incorporation or I have been in business in South Carolina during the last two tax years, I am going to continue the same business in South Carolina after the sale, I am not delinquent in filing any South Carolina Income Tax returns, I have filed at least one South Carolina Income Tax return, and I have a certificate of authority to do business or am registered to do business in South Carolina and I agree to report the sale on a timely filed South Carolina Income Tax return. 11. Tax-Exempt Organizations: I am an organization exempt from Income Tax under Internal Revenue Code (IRC) Section 501(a) or an insurance company exempt from South Carolina Income Tax. 12. Gain Amount: Based on SC Code Section 12-8-580(B), I certify that the amount of gain required to be recognized on this transaction, and on which the buyer will make the required withholding, will not be greater than $ . 13. Withholding Amount Equals Entire Net Proceeds: The withholding amount is limited to the entire net proceeds of the sale. Any lien, mortgage, or credit line advance made within one year before the closing was not made in contemplation of the sale. 14. Installment Sale: I will report this sale on the installment method for South Carolina Income Tax purposes. I have attached an amortization schedule showing the principal and interest portions of the payment. If withholding is limited to the amount of gain, I have entered the gain in item 12. I elect out of the installment sale method for South Carolina purposes. I will report the entire withholding in one payment. If withholding is limited to the amount of gain, I have entered the gain in item 12. 32781023 Principal Residence or Involuntary Conversion-Nonrecognition of Gain: I am not subject to taxes on the sale of the property because it is a sale of a principal residence under IRC Section 121 or an involuntary conversion under IRC Section 1033. I acknowledge that I am required to file an amended South Carolina Income Tax return if I do not comply with IRC Section 1033. 15. Like Kind Exchange: This is a simultaneous exchange, and I am deferring the entire gain under IRC Section 1031. 16. I will be recognizing part of the gain on the exchange. The amount of gain is entered in item 12. I am deferring the gain under IRC Section 1031 using a qualified intermediary and have completed the steps required by SC Revenue Ruling #09-13. I authorize the qualified intermediary to release modified forms and any other information relevant to the withholding, including information otherwise confidential under SC Code Section 12-54-240. Employee Relocation: This sale involves the sale of property being sold by an employer or relocation company in connection with my transfer. It is treated as a sale by the employer or relocation company for Income Tax purposes. 17. For more information, SC Code Sections are available at dor.sc.gov/policy and IRC Code Sections are available at irs.gov. I understand that this affidavit may be disclosed to the SCDOR and that any false statement could be punished by fine, imprisonment, or both. Print name Signature If the person making this affidavit is not the seller, complete the following: Affiant's SSN or FEIN Affiant's street address Affiant's city, state, ZIP SUBSCRIBED AND SWORN to Before me this day of , year of Notary Public My commission expires: Keep the I-295 as part of your tax records. Do not send to the SCDOR unless requested. 32782021 Instructions What you need to know: • The seller's affidavit is an affidavit of fact provided by the nonresident seller to the buyer. • The affidavit may relieve the buyer from withholding if: o the seller is a resident o the seller is a deemed resident, or o the sale is tax exempt • The affidavit may allow the buyer to withhold on the stated gain rather than a higher amount. • The buyer does not have to obtain a seller's affidavit, but the buyer must have evidence to prove the correct amount was withheld from the sale. • Keep the I-295 as part of your tax records. Do not send to the SCDOR unless requested. The seller's affidavit must provide: • county where the property is located • property's tax map number • closing date of the sale • seller's name • seller's street address (including city, state, and ZIP) • seller's SSN or FEIN • appropriate box marked identifying the withholding requirement Social Security Privacy Act Disclosure It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i) permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation 117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for securing proper identification. Your Social Security Number is used for identification purposes. The Family Privacy Protection Act Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third parties for commercial solicitation purposes.
Extracted from PDF file 2023-south-carolina-form-i-295.pdf, last modified June 2022

More about the South Carolina Form I-295 Other Nonresident TY 2023

We last updated the Seller's Affidavit - Nonresident Seller in February 2024, so this is the latest version of Form I-295, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form I-295 directly from TaxFormFinder. You can print other South Carolina tax forms here.

Other South Carolina Other Forms:

TaxFormFinder has an additional 68 South Carolina income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form I-290 Nonresident Real Estate Withholding
Form I-41 Nonresident Beneficiary -- Affidavit and Agreement Income Tax Withholding
Form I-295 Seller's Affidavit - Nonresident Seller
Form I-290-2018 Nonresident Real Estate Withholding

Download all SC tax forms View all 69 South Carolina Income Tax Forms


Form Sources:

South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form I-295 from the Department of Revenue in February 2024.

Show Sources >

Form I-295 is a South Carolina Other form. Many states have separate versions of their tax returns for nonresidents or part-year residents - that is, people who earn taxable income in that state live in a different state, or who live in the state for only a portion of the year. These nonresident returns allow taxpayers to specify which which income is subject to the state's taxes, and which is not.

Historical Past-Year Versions of South Carolina Form I-295

We have a total of twelve past-year versions of Form I-295 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 Form I-295

I295_03132015.pdf

2019 Form I-295

I295_03132015.pdf


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