Tax?

If you own a property in Pennsylvania, you may have tax obligations in Pennsylvania regardless of where you live. Property taxes are owed to the jurisdiction where the property is located, so you'll pay Pennsylvania property taxes on that home. If the property generates rental income, that income is taxable in Pennsylvania because it's sourced there. You'd file a Pennsylvania nonresident tax return reporting the rental income. You may also need to report it on your South Carolina return as part of your total income, but you'd get a credit for taxes paid to Pennsylvania to avoid being taxed twice on the same income. If your daughter is paying the mortgage, the arrangement matters for tax purposes. If she's paying rent to live there, that's rental income to you. If she's paying the mortgage as a gift or family arrangement with no formal lease, it gets murkier. A CPA who handles multi-state tax situations can sort out the specifics and make sure you're filing correctly in both states.

Which tax are you referring to? Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

Real estate taxes touch a transaction from multiple angles -- property taxes, capital gains, and transfer taxes are all worth understanding before you buy or sell. In Florida, homestead exemption reduces assessed value for primary residences by up to $50,000 and the Save Our Homes cap limits annual assessment increases to 3% -- a significant long-term benefit that does not exist in every state. Capital gains on a primary residence sale are excluded up to $250,000 for single filers and $500,000 for married couples filing jointly, provided you have lived in the home two of the last five years. Always consult a CPA or tax professional before closing -- the timing of a sale, how you hold title, and your residency status all affect your tax outcome. Understanding these rules before you list or make an offer puts you in a much stronger financial position. -- Kevin Neely & Kaitlynd Robbins | K2 Sells

You will need to talk to your CPA who prepares your taxes.

The best person to answer that question is your accountant or tax preparer.