California Form Wills Withholding
Description
How to fill out California Estate Planning Questionnaire And Worksheets?
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FAQ
Use Form 590, Withholding Exemption Certificate, to certify an exemption from nonresident withholding. Form 590 does not apply to payments of backup withholding. For more information, go to ftb.ca.gov and search for backup withholding.
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. Normally, this will be the title company, escrow company, intermediary, or accommodator.
For the State, the law is written such that all real property being sold requires the payment of tax at the close of escrow in an amount equal to 3.33% of the Sales Price. An Alternative Calculated Amount can also be used.
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.
A: Form 593 imposes a withholding obligation on the buyer. The buyer is responsible for withholding a portion of the total sales price and remitting it to the California Franchise Tax Board (FTB).