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Change in Calif. Real Estate Withholding
Spidell has this announcement of an upcoming (as of 1/1/07) and very welcome change in the rules for tax withholding from real estate sales.
“Allows sellers of real estate to elect to withhold tax in an amount not less than the maximum tax rate multiplied by the reportable gain (9.3% for personal income tax purposes and 8.84% for corporations) instead of 3-1/3% of the sales price of the real property.”
Allowing the tax to be based on the actual gain rather than the gross sales price should more closely match the withheld amount to the actual tax. This was long overdue.
Update: CCH covers this new option.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/25/2006 07:13:00 PM Send this post:
