Personal Property Tax Return County of Horry
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.
#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
I never fill these out and just pay the flat rate which is has always been less than $100.
Julio Gonzalez would know someone. Check him out.
#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
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.
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.
This is why I have a CPA who specializes in real estate.
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.
#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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.
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!
@Paulette Midgette I just replied on the other thread you created. Hope that helps. Congrats on your purchase!
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!!