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Updated almost 7 years ago on . Most recent reply

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Account Closed
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Account Closed
0
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5
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Rehabbing & House Flipping

SC tax for live-in flip vs. flipping as a business

Account Closed
Posted

I have the federal taxes understood on this, but what about South Carolina tax? If we live in the home while fixing it up and sell, what percentage would we have to pay to SC for short term capital gain? And if we don't live in it, and do it as a self-employed business, what percentage would we have to pay to SC for short term capital gain? Also would we have to pay SC a self-employment tax like to the IRS?

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