Form 593 example 2025

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The document is a California Form 593-B, Real Estate Withholding Tax Statement, used for reporting withholding tax on real estate transactions. It includes details about the escrow company, seller information, property transfer specifics, and the amount withheld from the seller based on the total sales price. The form also provides options for alternative withholding methods and emphasizes the importance of consulting a tax professional for compliance.

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What is the withholding tax on the sale of real property in California?

Buyers must withhold 3 1/3 percent of the gross sales price on sales of California real property interests from both individuals (e.g., natural persons) and non-individuals (e.g., corporations, trusts, estates) and pay this amount to the Franchise Tax Board (FTB).

What should my California withholding allowance be?

Effective January 1, 2024, the annual standard deduction will increase to $5,363 or $10,726 based on the employees filing status and the number of allowances claimed. The value of a state allowance increases to $158.40 annually.

How to get a copy of form 593?

If you do not have Form 593 with the correct year, go to ftb.ca.gov to get the correct form. Identification Numbers Check to see that the withholding agents and sellers identification numbers are correct and listed in the same order as the names.

What is a 593 form used for?

Any remitter (individual, business entity, trust, estate, or REEP) who withheld on the sale/transfer of California real property must file Form 593 to report the amount withheld. If this is an installment sale payment after escrow closed, the buyer/transferee is the responsible person.

What is the withholding on the sale of real estate by foreign person?

The IRS requires 15% of the sales price be withheld on the sale of United States real property interests by foreign persons (on sales above $1,000,000), and either 15% or 10% on sales between $300,001 and $1,000,0000, and either 15% or $0 for sales of $300,000 and under.

How much withholding should there be on a real property transaction between two California residents?

The standard Withholding Amount is 3.33% of the Sale Price.

How do I fill out a federal tax withholding form?

How to fill out a W-4 form Step 1: Enter your personal information. Fill in your name, address, Social Security number and tax filing status. Step 2: Account for all jobs or spousal income. Step 3: Claim dependents, including children. Step 4: Refine your withholdings. Step 5: Sign and date your W-4.

How much withholding should there be on a real property transaction between two California residents on a sale of $500,000?

No withholding is generally required for a California property sale between two California residents, but if it were necessary, 3.33% of the sale price would be withheld, so $16,650 for a $500,000 sale.

Form 593 example 2025

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Got questions?

What is the withholding tax on the sale of real property in California?

What should my California withholding allowance be?

How to get a copy of form 593?

What is a 593 form used for?

What is the withholding on the sale of real estate by foreign person?

People also ask

How much withholding should there be on a real property transaction between two California residents?

How do I fill out a federal tax withholding form?

How much withholding should there be on a real property transaction between two California residents on a sale of $500,000?

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Form 593 example 2025

Here's how it works

The fastest way to redact Form 593 example online

Complete this form in 5 minutes or less

Got questions?

What is the withholding tax on the sale of real property in California?

What should my California withholding allowance be?

How to get a copy of form 593?

What is a 593 form used for?

What is the withholding on the sale of real estate by foreign person?

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People also ask

How much withholding should there be on a real property transaction between two California residents?

How do I fill out a federal tax withholding form?

How much withholding should there be on a real property transaction between two California residents on a sale of $500,000?

Related links

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