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Real Estate Withholding Certificate 593-C - California

Real Estate Withholding Certificate Form. This is a California form and can be used in Franchise Tax Board Statewide .
 Fillable pdf Last Modified 4/21/2014
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YEAR CALIFORNIA FORM 2014 Name Real Estate Withholding Certificate SSN or ITIN 593-C Return this form to your escrow company. Spouse's/RDP's SSN or ITIN (if jointly owned) Part I ­ Seller or Transferor Spouse's/RDP's name (if jointly owned) Address (apt./ste., room, PO Box, or PMB no.) City (If you have a foreign address, see instructions.) State ZIP Code FEIN CA Corp no. CA SOS file no. - - Property address (if no street address, provide parcel number and county) - Ownership percentage . % To determine whether you qualify for a full or partial withholding exemption, check all boxes that apply to the property being sold or transferred. (See instructions) Part II ­ Certifications which fully exempt the sale from withholding: 1. 2. 3. 4. 5. 6. 7. Revenue Code (IRC) Section 121 . The property qualifies as the seller's or transferor's (or decedent's, if sold by the decedent's estate or trust) principal residence within the meaning of Internal The seller or transferor (or decedent, if sold by the decedent's estate or trust) last used the property as the seller's or transferor's (decedent's) principal residence within the meaning of IRC Section 121 without regard to the two-year time period . The seller or transferor has a loss or zero gain for California income tax purposes on this sale . To check this box you must complete Form 593-E, Real Estate The property is being compulsorily or involuntarily converted and the seller or transferor intends to acquire property that is similar or related in service or use to The transfer qualifies for nonrecognition treatment under IRC Section 351 (transfer to a corporation controlled by the transferor) or IRC Section 721 (contribution The seller or transferor is a corporation (or a limited liability company (LLC) classified as a corporation for federal and California income tax purposes) that is either qualified through the California Secretary of State (SOS) or has a permanent place of business in California . The seller or transferor is a California partnership or a partnership qualified to do business in California (or an LLC that is classified as a partnership for federal and California income tax purposes and is not a single member LLC that is disregarded for federal and California income tax purposes) . If this box is checked, the partnership or LLC must still withhold on nonresident partners or members . The seller or transferor is a tax-exempt entity under California or federal law . The seller or transferor is an insurance company, individual retirement account, qualified pension/profit sharing plan, or charitable remainder trust . to a partnership in exchange for a partnership interest) . qualify for nonrecognition of gain for California income tax purposes under IRC Section 1033 . Witholding-Computation of Estimated Gain or Loss, and have a loss or zero gain on line 16 . 8. 9. Part III ­ Certifications that may partially or fully exempt the sale from withholding: Real Estate Escrow Person (REEP): See instructions for amounts to withhold . 10. The transfer qualifies as a simultaneous like-kind exchange within the meaning of IRC Section 1031 . 11. The transfer qualifies as a deferred like-kind exchange within the meaning of IRC Section 1031 . 12. The transfer of this property is an installment sale where the buyer is required to withhold on the principal portion of each installment payment . Copies of Form 593-I, Real Estate Withholding Installment Sale Acknowledgement, and the promissory note are attached . Seller or Transferor Signature Under penalties of perjury, I hereby certify that the information provided above is, to the best of my knowledge, true and correct . If conditions change, I will promptly inform the withholding agent . I understand that I must retain this form in my records for 5 years and that the Franchise Tax Board may review relevant escrow documents to ensure withholding compliance . Completing this form does not exempt me from filing a California income or franchise tax return to report this sale . Seller's/Transferor's Name and Title ______________________________ Seller's/Transferor's Signature _________________________ Date ___________________ Spouse's/RDP's Name_________________________________________ Spouse's/RDP's Signature ____________________________ Date ___________________ If you checked any box in Part II, you are exempt from real estate withholding . Seller or If you checked any box in Part III, you may qualify for a partial or complete withholding exemption . Transferor Except as to an installment sale, if the seller or transferor did not check any box in Part II or Part III of Form 593-C, the withholding will be 31/3% ( .0333) of the total sales price or the optional gain on sale withholding amount from line 5 of the certified Form 593, Real Estate Withholding Tax Statement . If the seller or transferor does not return the completed Form 593 and Form 593-C by the close of escrow, the withholding will be 31/3% of the total sales price, unless the type of transaction is an installment sale . If the transaction is an installment sale, the withholding will be 31/3% ( .0333) of the first installment payment . If you are withheld upon, the withholding agent should give you one copy of Form 593 . Attach a copy to the lower front of your California income tax return and make a copy for your records . For Privacy Notice, get FTB 1131 ENG/SP. 7131143 Form 593-C C2 2013 American LegalNet, Inc. www.FormsWorkFlow.com Instructions for Form 593-C Real Estate Withholding Certificate References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2009, and to the California Revenue and Taxation Code (R&TC). What's New Like-Kind Exchanges ­ For taxable years beginning on or after January 1, 2014, California Revenue & Taxation Code (R&TC) Sections 18032 and 24953 require California resident and non-resident taxpayers who defer gain on the sale or exchange of California property for out of state replacement property under Internal Revenue Code Section (IRC) 1031 to file an annual information return with the Franchise Tax Board (FTB) . Taxpayers are required to file an information return for the taxable year of the exchange and in each subsequent taxable year in which the gain or loss attributable to the exchange has not been recognized . If a taxpayer fails to file the required information return, the FTB can estimate the net income, from any available information, including the amount of gai
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