California FTB Releases Form 593-C, Real Estate Withholding Certificate

The California Franchise Tax Board Dec. 1 released Form 593-C, Real Estate Withholding Certificate, for corporate income and individual income tax purposes. The form is divided into three parts requiring taxpayers to: 1) identify the seller/transferor; and 2) check the boxes that explain why they may be partially or fully exempt from withholding. If they are not exempt, the withholding will be 3.33 percent of the sale price or 3.33 percent of the down payment if it is an installment sale. Sellers and transferors are required to return the form to their escrow company. [Cal. Franchise Tax Bd., Form 593-C, ...