Form I-295 Seller's Affidavit Nonresident Seller Withholding - South Carolina

What Is Form I-295?

This is a legal form that was released by the South Carolina Department of Revenue - a government authority operating within South Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form I-295?
A: Form I-295 is the Seller's Affidavit Nonresident Seller Withholding form in South Carolina.

Q: Who needs to fill out Form I-295?
A: Nonresident sellers in South Carolina who are subject to withholding need to fill out Form I-295.

Q: What is the purpose of Form I-295?
A: Form I-295 is used to report and remit the withholding tax on real estate transactions involving nonresident sellers in South Carolina.

Q: What is nonresident seller withholding?
A: Nonresident seller withholding is a tax that is withheld from the proceeds of a real estate sale involving a nonresident seller to ensure that the nonresident seller pays any applicable state taxes.

Q: What happens if I fail to file Form I-295?
A: Failing to file Form I-295 or remit the withholding tax can result in penalties and interest being assessed by the South Carolina Department of Revenue.

Q: Are there any exemptions from nonresident seller withholding?
A: Yes, there are certain exemptions from nonresident seller withholding. You should consult the instructions for Form I-295 or contact the South Carolina Department of Revenue for more information.

Q: Is Form I-295 specific to South Carolina?
A: Yes, Form I-295 is specific to real estate transactions involving nonresident sellers in South Carolina.

Q: Do I need to include any supporting documentation with Form I-295?
A: Yes, you may need to include supporting documentation such as a copy of the settlement statement or closing disclosure with Form I-295. Refer to the instructions for the form for specific requirements.