California Residential Form Purchase Withholding
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FAQ
Preparer's Name and Title/Escrow Business Name - Provide the preparer's name and title/escrow's business name and phone number. Any person who withheld on the sale or transfer of California real property during the calendar month must file Form 593 to report, and Form 593-V to remit the amount withheld.
The withholding is 3 1/3% (. 0333) of the down payment during escrow. Buyers/Transferees are required to withhold on the principal portion of all payments made following the close of the real estate transaction unless an approval letter for the elect-out method is received. 2022 Instructions for Form 593 Real Estate Withholding Statement ca.gov ? forms ? 2022-593-instructions ca.gov ? forms ? 2022-593-instructions
The withholding is 3 1/3% (. 0333) of the down payment during escrow. Buyers/Transferees are required to withhold on the principal portion of all payments made following the close of the real estate transaction unless an approval letter for the elect-out method is received.
If the Sales Price is under $300,000 ? no withholding is required when a Buyer signs his Declaration (see #6a) If the Sales Price is between $300,001 and $1,000,000 ? the withholding is 10% of the Sales Price. If the Sales Price is $1,000,001 and over ? the withholding is 15% of the Sales Price.
In a nutshell, California law requires a buyer to withhold 3.33% of the sales price and send it to the Franchise Tax Board as a ?prepayment? of the state tax a seller owes on the sale of real estate.