Form I-290 Nonresident Real Estate Withholding - South Carolina

What Is Form I-290?

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-290?
A: Form I-290 is a form used for nonresident real estate withholding.

Q: What is nonresident real estate withholding?
A: Nonresident real estate withholding is the process of withholding taxes on income from the sale of real estate by nonresidents.

Q: Why is nonresident real estate withholding required?
A: Nonresident real estate withholding is required to ensure that taxes are paid by nonresidents on their income from the sale of real estate.

Q: Who needs to file Form I-290?
A: Anyone who is a nonresident and is selling real estate in South Carolina needs to file Form I-290.

Q: What happens if I don't file Form I-290?
A: If you don't file Form I-290, the buyer of the real estate may be required to withhold a percentage of the sales price and remit it to the South Carolina Department of Revenue.

Q: When should I file Form I-290?
A: Form I-290 should be filed no later than the day before the closing of the sale of the real estate.

Q: What documents do I need to include with Form I-290?
A: You will need to include a copy of the sales contract and a completed South Carolina Department of Revenue Form I-290.