CA FTB 593-C 2017 free printable template

TAXABLE YEAR CALIFORNIA FORM 593-C Real Estate Withholding Certificate Part I Seller/Transferor Information Return this form to your escrow company Name SSN or ITIN Spouse s/RDP s name if jointly owned Spouse s/RDP s SSN or ITIN if jointly owned Address apt. /ste. room PO box or PMB no. FEIN CA Corp no. CA SOS file no. City If you have a foreign address see instructions. 7131173 Form 593-C C2 2016 2017 Instructions for Form 593-C References in these instructions are to the Internal Revenue...

How to fill out CA FTB 593-C

How to fill out CA FTB 593-C

1. Obtain a copy of the CA FTB 593-C form from the California Franchise Tax Board website.
2. Fill out the top section with your name, address, and Social Security Number or Employer Identification Number.
3. Indicate your role in the transaction such as buyer or seller.
4. Provide the property address and the date of the sale.
5. Record the total selling price of the property.
6. Complete the specific sections regarding tax withheld as required.
7. Review the form for any errors or omissions.
8. Sign and date the form before submission.

Who needs CA FTB 593-C?

1. Any individual or entity that has sold real property in California that is subject to withholding requirements must file CA FTB 593-C.
2. The form is typically needed by sellers or their representatives to report the transaction to the California Franchise Tax Board.

• Who needs form 593-C?
• What is form 593-C for?
• Is it accompanied by other forms?
• • When is form 593-C due?
  • How do I fill out a form 593-C?
  • Where do I send it?

Who needs form 593-C?

Form 593-C is also known as the Real Estate Withholding Certificate. It is requested by the California Franchise Tax Board (FT) from local taxpayers who have already transferred or sold real property over the past year. It doesn’t exempt the filer from filing a California Income Tax Return, even if the tax withholding is approved.

What is form 593-C for?

If your application for tax exemption was approved, you need to return a completed form 593-C to the escrow company and inform another party of the fact that this sale or transfer of real property is fully or partially exempt from tax withholding. You can also use this form to determine if you qualify for full or partial exemption.  

Is it accompanied by other forms?

There are no specific requirements. However, this form contains detailed instructions with a list of forms you can use to claim your withholding on, such as forms 540, 540NR, 541, 100. 100S, 100W, 109, 565, 568.

When is form 593-C due?

You should file this form before the close of escrow to prevent withholding on the transaction.

How do I fill out a form 593-C?

Provide your name and your spouse’s name and both your contacts and addresses in the upper box. Don’t forget to write down the address of the property that is the subject of sale or transfer in the bottom line of this box. Choose the sentence that applies to your situation from those given on the list in Part II, ‘Certifications which fully exempt the sale from withholding’. Do the same in Part III, ‘Certifications that may partially or fully exempt the sale from withholding’. Both you and your spouse must add signatures at the bottom of this form.

Where do I send it?

Send the completed 593-C to your escrow company.

Instructions and Help about CA FTB 593-C

Hi this is Bob rooms again, and I just wanted to show you what I call the California LLC tax trick now although this is specific to California I'm I want to show it to everybody because every state really has its own little tricks and if you can gain insight into what one state does typically you can get an insight into what your state is likely to do besides if you live in California I really want you to see this because it's very important what we're looking at here is the 2007 limited liability company return of income form 568 let's just do a little let's just say that you've made a hundred thousand dollars for this tax year ok that's terrific now what it comes down to for this particular trick is lines two and three the limited liability company fee see instructions and the limited liability company tax see instructions okay so let's go to the instructions here's what this is all about I think everybody knows that if you run an LLC in California you owe $800 to the state regardless of whether you've made any money or not now if you're just looking at the form if it's your first time filling this out you're going to see limited liability company feet well that sounds like that $800 things that you've heard about because the $800 is a flat amount did you have to pay regardless of whether there's any income or not and then down here limited liability company tax well that sounds like an amount that would be based on your income because every other tax you've ever seen in your life is based on the amount that you've made or that your company's made or whoever has made it to graduated tax if you made this much you owe this much if you made more than that you owe more than that, so you've made a hundred thousand dollars for the year and there happens to be a cut-off of about two hundred and fifty thousand dollars this year, so you're under that cutoff, so you don't go any of what you would think of as a tax but back to the instructions where we see annual limited liability company tax LLC's are subject to an eight hundred dollar annual tax if they are doing business in California oh wait a minute that thing you thought was a fee is here called a tax and down here a limited liability company fee in addition to the annual tax every LLC must pay a fee based on total California income that's a complete reversal of what any reasonable human being would expect and believe me people make this mistake I made this mistake friends of mine made this mistake it happens all the time and here are the consequences if you do this wrong if you fill out lines two and three wrong many months later you will get something that looks like this in which they tell you fee nothing tax eight hundred dollars what they're telling you is that because you put you thought this was a fee, so you put eight hundred dollars here, and you put zero here that weird thing is PDF and trying to fill in an old value of pay no attention to it this is wrong don't do this otherwise you will...

People Also Ask about

What is Form 593 used for?

The grantor reports the real estate sale and claims the withholding on their tax return. Unless the grantor qualifies for an exemption, complete Form 593 using the grantor's information.

Where do I enter Form 593?

To claim the withholding credit, report the sale or transfer as required and enter the amount from line 5 on the withholding line on your tax return, Withholding (Form 592-B and/or 593). Attach one copy of Form(s) 593, to the lower front of your California tax return. Make a copy for your records.

Who needs to file Form 593?

Who Must File. A seller/transferor that qualifies for a full, partial, or no withholding exemption must file Form 593. 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.

Who is required to withhold tax on the California real estate sale?

Real estate withholding is required on the sale of CA real property held by a trust unless the trust can qualify for an exemption on Form 593. There are two types of trusts; a grantor and a nongrantor trust.

Under which circumstance may withholding be required?

within the same escrow agreement constitute one transaction for purposes of determining the withholding requirements. Withholding is required when the combined sales price of all parcels exceeds $100,000, even though the sales price of each separate parcel in the same escrow transaction is under $100,000.

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What is CA FTB 593-C?

CA FTB 593-C is a form used by the California Franchise Tax Board (FTB) for reporting the sale of California real property and the withholding on that sale.

Who is required to file CA FTB 593-C?

The seller of California real property is required to file CA FTB 593-C if they are a non-resident of California or if withholding is required under California tax law.

How to fill out CA FTB 593-C?

To fill out CA FTB 593-C, you need to provide information about the buyer and seller, the sale price, the calculated withholding amount, and any exemptions that may apply.

What is the purpose of CA FTB 593-C?

The purpose of CA FTB 593-C is to ensure that California collects withholding tax from the sale of real property by non-residents, helping to ensure tax compliance.

What information must be reported on CA FTB 593-C?

The information that must be reported on CA FTB 593-C includes the names and addresses of the buyer and seller, the sale price of the property, the amount of withheld tax, and any applicable exemptions.