Real estate withholding law changes.
Position | FTB News |
New withholding requirements recently enacted by the state affect all individuals who sell California real property.
Beginning Jan. 1, escrow companies must withhold 3-1/3 percent of the sales price of any real estate sold that is more than $100,000, not a personal residence, and not a 1031 exchange, 1033 involuntary conversion or a foreclosure.
The only exception to the withholding requirement is if the seller signs under penalty of perjury that there is a loss on the sale.
Unlike current law for nonresident real estate withholding, the FTB cannot allow a reduced...
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