Jul
07

New S.C. Tax Law for Vacation Rentals in Effect

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South Carolina property owners who rent their homes to vacationers will face more tax-related scrutiny under one new state law, but some could see big tax savings under another new law.

The impacts will mostly play out in beach communities where such rental properties are plentiful.

The added scrutiny, which could come with new fines and penalties, involves the sales and accommodations taxes that property owners must collect if they rent out their homes. On Isle of Palms, for example, seven different sales and accommodations taxes add 12.5 percent to the rental cost, and town administrator Linda Tucker said it’s challenging to make sure the taxes are properly collected and reported.

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    Categories : South Carolina News

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