Real Estate Withholding Statement Form 593
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FAQ
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.
Exemptions: Here are the most common ones that the Seller should be made aware of: If the sales price is $100,000.00 or less, the exemption is automatic, no form needs to be completed. The Seller has owned and used the property as his principal residence at least 2 out of the 5 year period right before the sale.
Form 593 - For electronically filed returns, you must complete the 593 screens, located in the Payments folder within the CA input screens. This is a multi-unit screen and the total amount within the Amount withheld from this seller field must equal the amount reported on line 73 of Form 540, or line 83 of Form 540NR.
In the vast majority of transactions, this is handled by the escrow. If the seller cannot qualify for an exemption, then the buyer must withhold.
To claim the withholding credit, report the sale or transfer as required and enter the amount from line 5 on the withholding line on your tax return, Withholding (Form 592-B and/or 593). Attach one copy of Form(s) 593, to the lower front of your California tax return.