Changes to real estate withholding and exemptions.

PositionFTB News - Brief Article

Assembly Bill 1338 changes California's real estate withholding requirements and exemptions effective for all transactions closing on or after Jan. 1, 2005.

Among other changes, the waiver process for non-individuals is replaced with a self-certification process and the exception for the sale of a principal residence expands to include sellers whose "last use" of the property sold was their principal residence, even if they do not meet the "two out of the last five years"...

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