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For newbies, those pesky CA FTB forms
Posted by  Cheryl Elliott of CA on 6/14/19 11:44am Msg #607419
in sellers packages, when client asks me how to fill these out, or explain them, my eyes glaze over, as I haven't a clue, and it AIN'T MY LANE! I am completely unfamiliar with their personal tax situation, while I am very knowledgeable about QB, I am no CPA or financial advisor, I hire those folks for my own investments.

Talk about UPL, this is a great way for a notary to get their &$@ in a ringer on many levels, so I just refer the seller to their own CPA and/or escrow on how to handle those forms. Not my yob! No notary, no matter how knowledgeable they think they are should touch this with a 10 footer.

Real estate withholding
Real estate withholding is a prepayment of income (or franchise) tax due from sellers or transferors on the gain from the sale of California real property. It is not an additional tax on the sale of real estate.

Withholding is required by the buyer; however, the withholding may be performed by the real estate escrow person (REEP) on the buyer’s behalf.

Real estate withholding is required whenever there is a transfer of title on California real property. Examples are:

Sales or transfers of real property (including exchanges and gifts).
Leaseholds/options.
Short sales.
Easements.
Personal property sold with real property (if not stated separately).
Deferred exchanges.
Vacant land.
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Messages in this Thread
 For newbies, those pesky CA FTB forms -  Cheryl Elliott on 6/14/19 11:44am
 Re: For newbies, those pesky CA FTB forms -  JanetK_CA on 6/14/19 2:34pm
 I'm just not that "smart", or credentialed to give opinions -  Cheryl Elliott on 6/14/19 3:06pm
 Re: I -  janCA on 6/14/19 3:43pm
 I too have a written contract with my CPA -  Cheryl Elliott on 6/14/19 3:59pm
 Re: I -  JanetK_CA on 6/15/19 1:31pm
 Re: For newbies, those pesky CA FTB forms - Luckydog on 6/15/19 11:00am



 
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