From the sale of stocks/bonds in SC, what is the tax that you are required to pay?
I’ve found some conflicting information online.
Thanks!!
Redfish Baron Extraordinaire
Just shooting from the hip, there is a deduction of 44% allowed for long term net capital gains, and the SC income tax rates apply to your total taxable income after that deduction is applied.
If you’re talking short term capital gains (less than a year), then there is no deduction.
Nobody can answer your question accurately without knowing your total taxable income, but the rate will be from 3-7%. I suspect you’re in 7%…
If your gains are from real estate, don’t forget about the possibility of 1031’ing them if you haven’t gone past 45 days from closing.
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