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The Sales and Use Tax Holiday, or ‘Tax Free Weekend,’ is a 72-hour event held each August. It begins at 12:01 a.m. on the first Friday in August and concludes that Sunday. 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Each county is responsible for assessing the collecting property tax.  ",{"type":764,"attrs":919,"content":920},{"level":766},[921,925],{"text":922,"type":22,"marks":923},"South Carolina Estate Tax",[924],{"type":38},{"text":849,"type":22},{"type":18,"content":927},[928],{"text":929,"type":22},"South Carolina does not have an estate tax, and there is no inheritance tax. ",{"type":18,"content":931},[932],{"text":933,"type":22},"However, it’s important to remember federal estate tax can still apply if your estate is above a certain threshold ($12.92 million in 2023); otherwise, there will be no fees on the estate or inheritance you leave behind.    ",{"type":18,"content":935},[936],{"text":937,"type":22},"Also, if you live in South Carolina but inherit an estate from someone living in a state with estate tax, you must abide by local regulations.   ",{"type":764,"attrs":939,"content":940},{"level":766},[941,945],{"text":942,"type":22,"marks":943},"South Carolina Retirement Tax",[944],{"type":38},{"text":849,"type":22},{"type":18,"content":947},[948],{"text":949,"type":22},"South Carolina generally does not tax Social Security benefits. However, other retirement income, such as 401(k) or IRA account distributions, is subject to the state's income tax.  ",{"type":18,"content":951},[952],{"text":953,"type":22},"The state does have some ways it helps retirees reduce the amount they pay. For example, residents aged 65 and older may deduct up to $15,000 of qualified retirement income, including military retirement, from their state income taxes. ",{"type":18,"content":955},[956],{"text":957,"type":22},"For homeowners 65 and over, South Carolina's homestead exemption allows the first $50,000 of a property's fair market value to be exempt from local property taxes. ",{"type":18,"content":959},[960],{"text":961,"type":22},"Understanding South Carolina's tax structure is crucial for residents and retirees. It's advisable to consult with a tax professional or financial advisor to navigate the state's tax laws effectively and make informed financial decisions. ",{"type":18,"content":963},[964,968],{"text":965,"type":22,"marks":966},"For further tax guidance and to ensure you’re not paying more tax than you need to, it’s wise to speak to an expert. A financial advisor can help you handle all your tax queries and ensure you’re not paying more tax than needed. ",[967],{"type":38},{"text":969,"type":22},"      ",{"type":18,"content":971},[972,981],{"text":973,"type":22,"marks":974},"Find your financial advisor with Unbiased",[975,978,979],{"type":31,"attrs":976},{"href":55,"uuid":34,"anchor":34,"target":977,"linktype":36},"_blank",{"type":38},{"type":980},"underline",{"text":982,"type":22},".",[984],{"_uid":985,"image":986,"title":989,"component":1003,"breadcrumbs":558},"6daca0e1-e4ef-42a1-ba7c-3d4149c88b64",{"alt":12,"name":12,"title":12,"filename":987,"copyright":12,"fieldtype":988},"https://a.storyblok.com/f/185166/658x450/b7c4eb53ff/south-carolina-tax-guide.webp","asset",{"type":15,"content":990},[991],{"type":18,"content":992},[993,995,1001],{"text":994,"type":22},"Tax in ",{"text":996,"type":22,"marks":997},"South Carolina",[998],{"type":25,"attrs":999},{"class":1000},"primary-gradient",{"text":1002,"type":22},": a complete guide","app-hero",{"name":1005,"created_at":1006,"published_at":1007,"updated_at":1008,"id":1009,"uuid":1010,"content":1011,"slug":1021,"full_slug":1022,"sort_by_date":34,"position":1023,"tag_list":1024,"is_startpage":543,"parent_id":1025,"meta_data":34,"group_id":1026,"first_published_at":1027,"release_id":34,"lang":730,"path":34,"alternates":1028,"default_full_slug":34,"translated_slugs":34,"_stopResolving":558},"Rachel Carey","2023-03-28T10:05:08.718Z","2025-01-28T12:05:49.815Z","2025-01-28T12:05:49.832Z",283076789,"b4ce951f-89c7-4ef6-97a8-709dc6d856e1",{"job":1012,"_uid":1013,"name":1005,"image":1014,"component":1017,"education":1018,"expertise":1019,"description":1020},"Senior Content Writer","a6e3129c-eeee-4438-8204-797883981521",{"id":1015,"alt":12,"name":12,"focus":12,"title":12,"filename":1016,"copyright":12,"fieldtype":988,"is_external_url":543},7792663,"https://a.storyblok.com/f/185166/1199x1257/2401746255/rachel-carey.jpg","article-author","Griffith College Dublin, MA (Hons) in Journalism & Media Communications","Rachel brings over a decade of experience in media, including SEO content writing, marketing, public relations, and broadcast and print journalism.","Rachel is a Senior Content Writer at Unbiased, producing content across a range of different sectors, including personal finance, retirement, and investing. She specializes in simplifying intricate financial terms into clear, engaging content tailored for both B2C and B2B audiences.","rachel-carey","authors/rachel-carey",-10,[],224651374,"024abff2-15a6-4099-8ba2-25c01abe42e8","2023-04-03T07:50:42.397Z",[],[1030],{"_uid":1031,"list":1032,"cta_link":1033,"cta_text":1034,"component":1035,"window_label":12,"window_title":1036},"b79abdab-8482-4ba2-b005-961e410a8d8e","A financial advisor can help you with all of your tax planning needs","https://v2.unbiased.com/inquiry/financial-advisor/advice-areas","Find a financial advisor ","app-banner",{"type":15,"content":1037},[1038],{"type":18,"content":1039},[1040],{"text":1041,"type":22,"marks":1042},"Need help with your taxes?",[1043],{"type":129,"attrs":1044},{"color":131},{"title":1046,"plugin":1047,"og_image":12,"og_title":12,"description":1048,"twitter_image":12,"twitter_title":12,"og_description":12,"twitter_description":12},"South carolina tax guide","seo_metatags","This guide offers a comprehensive look at the tax landscape in South Carolina, covering income tax, sales tax, property tax, and their impact on retirees. 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