Selling expenses. Selling expenses include real estate commissions, advertising fees, legal fees, deed recording fees, and termite or heat/air letter fees.
Amount realized. The amount realized on the sale is the selling price less selling expenses. The term is defined in Internal Revenue Code §1001(b) as adopted for South Carolina income tax purposes.
Gain. Gain is computed as provided in Internal Revenue Code §1001(a) as adopted for South Carolina income tax purposes. Gain is the amount required to be included in the seller’s South Carolina gross income. If the amount realized is more than the adjusted basis, the difference is a gain. If the amount realized is less than the adjusted basis, the difference is a loss.
SC DPOR
