I know that SC does not allow a resident a rental loss incurred in another state(VA). If TP sells rental and has a gain/loss for federal does SC allow the loss or tax the gain? I have not been able to get a straight answer from SC. Thanks
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No Straight Answer
TaxForEveryone - I wouldn't count on getting a straight answer from SC if you are talking to people who answer their phones.
A SC resident is not allowed to deduct a rental loss nor incur rental income on his(her) SC tax return. When the property is sold, neither gain nor loss is taxable or deductible for SC purposes.
This is from the SC instructions, in the section describing "Additions" and "Subtractions" from Federal AGI. (Pages 2 & 3)Last edited by Nashville; 06-21-2013, 11:21 AM. -
Thought thats how I read the law. 2nd opinions seem to help a lot. Many thanks.Comment
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