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This is ridiculous. I just got this form PR-26 asking me for Cost/Value. First off, what is it you want? The Cost? or the Value? I can tell you right now my built in microwave probably cost $250. But if I tried to value it, based on what I could get on letgo, ebay or craigslist, that would be about $10. So what do they want, the cost or the value? And how is this legal anyway? I pay income taxes based on rentals already. They want to tax the value of my furnishings too? They are used to make my income on this property, so how is taxing them also a legitimate tax? This seems so excessive. I'm beyond infuriated at the paperwork and overhead this one personal property tax form is causing. It's absolutely not fair.
It's reality, though, and it's the law. We've been doing it for several years for our condo, just got our form in the mail yesterday. I always put the actual sale value of the item, such as $25 for a decent lamp instead of the $100-150 it would cost new. I go through our condo room by room in my mind and jot down everything. It's a huge pain but I worry about the repercussions if we don't do it, plus we are just law abiding people, for better or for worse. Before we bought a property in Myrtle Beach I had never heard of any such thing anywhere.
As another poster said, SC taxes ones 2nd property/home much higher as it is considered income property even if one's primary residence is in SC. The $400 tax number would be correct if it was your primary residence.
I called today and they said as long as it’s just one rental property you do not have to have a business license.. Whew!!
We only have 1 condo, and we have to fill out this nonsense EVERY YEAR and get a license.....who did you talk to?
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what if I live in it full time
