A free worksheet for sellers in North Carolina and South Carolina
Your sale price is not the amount you take home. This worksheet helps you estimate your net proceeds step by step, explains the costs that are specific to North Carolina and South Carolina, and covers the tax questions sellers ask most. Use it to plan, then confirm every figure with your closing attorney, lender and tax advisor.
What the Full Worksheet Covers
- 1. Getting Started
- 2. Sale Price and Mortgage Payoff
- 3. Selling Costs, Commission and Closing Fees
- 4. Taxes, Credits and Other Adjustments
- 5. Federal Tax on the Sale
- 6. Final Net Proceeds Summary
Common Questions
What fees are not commission?
The main ones are your state transfer charge (North Carolina excise tax or the South Carolina deed recording fee), deed preparation and attorney fees, HOA statement and transfer fees, mortgage payoff interest and fees, property tax prorations, any credits you agree to give the buyer, and prep costs like repairs or staging. The table in section 3 shows who customarily pays what in each state.
What is the North Carolina excise tax?
It is a state tax on transferring real property, often called revenue stamps. The rate is $1 per $500 of the sale price, paid by the seller to the register of deeds before the deed is recorded. On a $500,000 sale, it is $1,000.
What transfer costs does a South Carolina seller pay?
The main one is the deed recording fee, $1.85 per $500 of value ($1.30 state plus $0.55 county), which the grantor is generally liable for. On a $500,000 sale it is $1,850. Sellers also typically pay deed preparation and their attorney fees, and nonresident sellers may face state income tax withholding.
How do I find the payoff on my mortgage?
Request a payoff statement from your loan servicer. After a written request, federal rules generally require it within seven business days. Your closing attorney normally orders the official payoff for closing, and it will include daily interest through the payoff date.
Could I owe tax when I sell my primary residence?
Possibly not. If you owned and lived in the home for two of the last five years, you may exclude up to $250,000 of gain, or $500,000 for married couples filing jointly. Gain above that may be taxable. A tax advisor can confirm your situation.
How does selling an inherited home affect the taxable gain?
Your basis is generally the home’s fair market value on the date of death, not the original purchase price. That often means little taxable gain if you sell soon after inheriting. Keep a date of death appraisal and ask a tax advisor about your case.
Can I do a 1031 exchange on my rental?
Rental and investment real estate can qualify for a like kind exchange, which defers the gain if you buy replacement investment property. You must identify replacement property within 45 days and close within 180 days, using a qualified intermediary to hold the money. Your primary residence does not qualify.
How do I report the sale for taxes if I sold FSBO?
The same way any seller does. The closing attorney usually files Form 1099-S, and you report the sale on Form 8949 and Schedule D if you receive a 1099-S or if any gain is taxable. Selling without an agent does not change the tax rules.
What records of improvements should I keep for a future sale and tax calculation?
Keep your purchase closing statement and receipts, contracts and permits for improvements such as additions, roofs, HVAC, remodels and windows. Keep them for as long as you own the home and for several years after the sale return is filed. Routine repairs usually do not count.
What documents should I keep for the life of the house?
Your purchase and sale closing statements, deed, title policy, survey, improvement receipts and permits, warranties, and records of any rental use or insurance claims. Store copies digitally so they survive a move.
Do I have to pay South Carolina withholding if I live in North Carolina?
If you are not a South Carolina resident, the buyer generally must withhold 7 percent for an individual seller, based on your gain if you provide the seller’s affidavit, or on the amount realized if you do not. Exemptions apply, including the tax free portion of a principal residence sale. Talk to your closing attorney and tax advisor before closing.
Get the Complete Worksheet
Estimate what you may walk away with after your payoff, selling costs, state transfer charges, prorations and taxes. It is free from the SitRep Realty Intel Hub Library.
This page provides general real estate information for North Carolina and South Carolina. It is not legal, tax, lending or insurance advice and does not create an agency relationship. Laws and forms change, and every property is different, so consult a licensed real estate broker and, where appropriate, a licensed real estate attorney about your situation. SitRep Realty is a member of the DW Realty Team. Equal Housing Opportunity.
