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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: assetlogic who wrote (7070)	11/25/2002 5:34:08 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

You're referring to the extension of the FIRPTA tax withholding requirement to all sellers of real estate in California, as of Jan 1, 2003. The tax withholding of 3 1/3% of the sales price exempts: sales under $100k (according to the sellers interest); sellers of an owner occupied residence; sellers at a loss; 1031 and 1033 exchanges; involuntary sales subject to 1033 exchanges; seller is tax-exempt; seller is a bank acting for a trust; or if seller is a corporation registered in California. This already applies to non-residents of California. After January 1 it will apply to everyone including residents. It's not an additional tax, just withholding. This California State website should answer any questions. ftb.ca.gov