Tax breaks for military veterans

Posted 11/14/19

Military veterans or military personnel may be eligible for breaks on income, property and other taxes.

Veterans under the age of 65 can claim state tax exemptions up to $14,600 of military …

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Tax breaks for military veterans

Posted

Military veterans or military personnel may be eligible for breaks on income, property and other taxes.

Veterans under the age of 65 can claim state tax exemptions up to $14,600 of military retirement income for 2019.

Taxpayers must have other earned income to claim the exemption.

Without other earned income, they can claim a deduction of up to $3,000.

Veterans 65 and older do not have to have other earned income.

They can claim exemptions up to $27,000 of 2019 military retirement income.

Veterans deemed totally and permanently service-connected disabled qualify for a tax exemption on a home and land on the same parcel, up to 5 acres, and up to 2 private passenger vehicles owned or leased by a veteran or spouse.

Surviving spouses of veterans qualify for tax exemptions on the home if they inherit sole ownership from the deceased spouse.

The surviving spouses of POWs and disabled veterans can qualify on up to one vehicle solely owned by them.

For more information, visit the SCDOR’s website at www.dor.sc.gov .

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