Buy Sell Agreement California Withholding
Description
How to fill out California Buy Sell Agreement Package?
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FAQ
A seller/transferor that qualifies for a full, partial, or no withholding exemption must file Form 593. 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.
The standard withholding is 3.33% of the Sales Price. Sellers can pay more, but not less unless they take advantage of Part VI and request an Alternative Amount, like 12.3% on the gain amount for an individual or 8.84% or 13.8% for a corporation, depending on the type of corporation.
If you meet one of these requirements for the tax year, you MUST file a California tax return. If you were: Single / Head of Household, under 65: w/ no dependents, CA gross income $19,310, CA AGI $15,448.
Your payer must take 7% from your California income. Backup withholding: Replaces all other types of withholding. Cannot be reduced or waived.
Send Form 592-V with a check or money order when you submit the nonresident or backup withholding amount on California source payments to us....Send us a timely Form 592-F, either electronically or by mail.List all payees withheld upon during the filing period.FTB credits the withholding to the payees' accounts.
