Real Estate Leave Withholding Tax
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FAQ
Real estate withholding is a prepayment of income tax due from the selling of California land or anything on it (real property). Examples of real property: Vacant land. Buildings.
Withholding amount: The standard Withholding Amount is 3.33% of the Sale Price. An Alternative Withholding Amount can be computed by completing Part VI (Computation) and then checking the proper box under item #29 and #30. Settlement Agents: Do not round off decimal points.
Real estate withholding is a prepayment of taxes. It is not an additional tax. Who is responsible for withholding? The law holds the buyer (called the transferee) responsible for withholding. In most real estate transactions, the escrow holder transmits the tax to the Franchise Tax Board.
Any remitter (individual, business entity, trust, estate, or REEP) who withheld on the sale/transfer of California real property must file Form 593 to report the amount withheld. If this is an installment sale payment after escrow closed, the buyer/transferee is the responsible person.
You qualify for a withholding exemption if you last used the property as your principal residence without regard to the two-year time period (for withholding purposes only). If the sale does not qualify for a principal residence exemption, report the gain on your federal and California income tax returns.