Question

I'm retired and sold my home in SC. Sale closed after I moved

Forum|Forum|4 years ago
March 13, 2022
1 reply
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I only have a military retirement and SS as income. Total for SC is 26k. The sale of the home was completely excluded from capital gains on my federal return.

TurboTax Online

ColeenD3

Are you asking if you have to file a Federal return? An SC return? Are you married or single? When did you move?

South Carolina Residents

If your permanent residence was in South Carolina for the whole tax year, you are a South Carolina resident. Anyone under the age of 65 who filed a federal tax return or anyone who had South Carolina income tax withheld from their wages must also file a South Carolina resident tax return. Anyone over 65 who earned more than $15,000 (single) or $30,000 (married, filing jointly) is required to file a South Carolina state tax return.

South Carolina taxes its residents on all income earned even if that income was earned outside of South Carolina. Use Form-1040 to file your South Carolina tax return. If you need more information on how to file Form-1040, you can download the SC1040 Instructions 2019 above. If you have any other questions or need more information regarding filing a South Carolina resident tax return, you can download the South Carolina Department of Revenue Forms and Instructions above.

Part-Year Residents

If your permanent residence was in South Carolina for part of the year, then you are considered a part-year South Carolina resident. This includes people who moved to and from South Carolina within the tax year. There are two options for filing as a part-year resident. You can file either as a South Carolina resident and use Form-1040 and file for a credit for any income you made out of state by filling out Form-1040TC. Your other option is to file as a nonresident by filing Form-1040 and attaching Schedule NR. If you would like more information on how to fill out Form-1040, Form-1040TC or Schedule NR, you can download the South Carolina Department of Revenue Forms and Instructions above.

R

rsierra-gmail-coAuthor

Thank you for the quick response. I’m over 65 and did move out of SC on 8/1/21 and the house sale finalized on 8/17. The only income I have is a military retirement and social security. I am filing a federal return and SC 1040 non-resident since I only lived in SC part of the year. One the SC 1040 my taxable income is 26,000.

TurboTax pulls my income from the federal form to the SC form but doesn’t show any capital gains for the home sale on the SC forms but does on the federal form. The sale proceeds were excluded from capital gains tax on the federal form. My question is why didn’t TurboTax pull it through for the SC form? Does it not qualify as a capital gain in SC?

ColeenD3

You said, "The sale proceeds were excluded from capital gains tax on the federal form." So, it isn't income. It may not even have needed to be reported on the Federal return.