Offer Form Real Estate Withholding
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FAQ
Buyers must withhold 3 1/3 percent of the gross sales price on sales of California real property interests from both individuals (e.g., "natural" persons) and non-individuals (e.g., corporations, trusts, estates) and pay this amount to the Franchise Tax Board (FTB).
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.
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.
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.
California withholding is reported on Form 540/540NR either as real estate and other withholding (Form 540, line 73 or Form 540NR, line 83), representing withholding reported via Forms 593 or 592-B or as California income tax withheld (Form 540, line 71 or Form 540NR, line 81), representing all other sources of ...