Myrtle Beach Vacation Rental Taxes

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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    Sounds like a good question for a CPA. Do you have one? If not, you should get one.

    EDIT - Found this on the county website.


    The Horry County Auditor's Office is responsible for the collection and processing of Personal Property Returns (Form PT-100).
    If you owned a property in Horry County on December 31st of the prior
    year and this was not your legal residence, you are required to complete
    and submit a Personal Property Retur    n. You may complete the form online
    by choosing the correct link below.

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  • Johnery LaurimorePro Member
    OP
    Brooklyn, NY · Member since 2017 · 16 posts · 5 votes
    3y

    @Michael Baum

    Thanks for this. I did see this and am working with my property manager to get the values needed. This seems like more trouble than it’s worth but I don’t think there’s much by the way of an exemption. I just wanted to confirm my suspicions. Great idea for the CPA. Since I only have one unit I was hoping to leverage off of the community first.

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y
    Quote from @Johnery Laurimore:

    @Michael Baum

    Thanks for this. I did see this and am working with my property manager to get the values needed. This seems like more trouble than it’s worth but I don’t think there’s much by the way of an exemption. I just wanted to confirm my suspicions. Great idea for the CPA. Since I only have one unit I was hoping to leverage off of the community first.

    You really want to get a good CPA. We have one and it is worth every penny. Make sure they are investors themselves.

    With all the new IRS agents coming online, they will take a look at folks like us. Real estate investors must be making huge money and are all rich, regardless of the 400k limit. Don't think for a second they will only target the rich. Anyone that doesn't do a standard tax return will get a look.

    Getting a CPA will offer someone who knows the regs and can protect you
    0Reply
  • Myrtle Mike ThompsonBusiness Member
    Realtor · Myrtle Beach, SC · Member since 2016 · 352 posts · 204 votes
    3y
    Quote from @Johnery Laurimore:

    Has anyone dealt with the personal property tax on Myrtle Beach Vacation rentals?  Any exemptions for nonresidents?  Other random year end taxes?


     No exemptions, but the tax isn't very hefty.  I just estimate a value for all the furniture and appliances based on what they might sell for secondhand on FB Marketplace, etc.  The tax liability ends up being around $50-$100/year... maybe more if you have a larger beach house.

    [email protected]843-999-2301
    Myrtle Mike Real Estate580 Reviews
    WebsiteView Page
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  • Johnery LaurimorePro Member
    OP
    Brooklyn, NY · Member since 2017 · 16 posts · 5 votes
    3y

    @Myrtle Mike Thompson

    This is extremely helpful. I didn’t think about the Facebook option. I have a 1 bedroom condo so it’s good to know the range is reasonable. The form seems fairly simple as well. This was the only type of special local tax I found specific to vacation rentals in Myrtle Beach. Do you know otherwise? I gather you manage a couple.

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  • Myrtle Mike ThompsonBusiness Member
    Realtor · Myrtle Beach, SC · Member since 2016 · 352 posts · 204 votes
    3y
    Quote from @Johnery Laurimore:

    @Myrtle Mike Thompson

    This is extremely helpful. I didn’t think about the Facebook option. I have a 1 bedroom condo so it’s good to know the range is reasonable. The form seems fairly simple as well. This was the only type of special local tax I found specific to vacation rentals in Myrtle Beach. Do you know otherwise? I gather you manage a couple.


     You should have your standard property tax for the condo, personal property tax for the stuff inside the condo, and your annual business license fee.  That's it.

    [email protected]843-999-2301
    Myrtle Mike Real Estate580 Reviews
    WebsiteView Page
    0Reply
  • Johnery LaurimorePro Member
    OP
    Brooklyn, NY · Member since 2017 · 16 posts · 5 votes
    3y

    @Myrtle Mike Thompson

    Thanks a million!!! I appreciate all of your help and insight. It saved me a bunch of time in an already busy month with tax deadlines

    1Reply
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