CA FTB 593-E 2015 free printable template

7151153 Form 593-E C2 2014 2015 Instructions for Form 593-E 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. Purpose Use Form 593-E Real Estate Withholding Computation of Estimated Gain or Loss to estimate the amount of your gain or loss for withholding purposes and to calculate an optional gain on sale withholding amount. This form is used for sales closing in 2015. The seller or transferor...

How to fill out CA FTB 593-E

How to fill out CA FTB 593-E

1. Obtain the CA FTB 593-E form from the California Franchise Tax Board website or your tax professional.
2. Fill out your name, address, and Social Security number in the appropriate sections.
3. Provide details of the transaction such as the date, type of property, and sale amount.
4. Indicate the amount of withholding, if applicable.
5. If applicable, enter information about the seller and the buyer.
6. Review the instructions that accompany the form for any specific requirements related to your situation.
7. Sign and date the form.
8. Submit the completed form to the California Franchise Tax Board along with any required documentation.

Who needs CA FTB 593-E?

1. Individuals who sold real estate in California and are subject to withholding taxes.
2. Buyers of real estate in California who are responsible for reporting the transaction.
3. Tax professionals filing on behalf of clients involved in real estate transactions in California.

• Who needs a form 593-E?
• What is the purpose of the 593-E form?
• What documents must accompany the 593-E form?
• • What information should be provided in the 593-E form?
  • What do I do with the form after its completion?

Who needs a form 593-E?

This form is required if you sell real estate property during a certain tax year in California. It’s completed by the seller and helps to calculate the amount of your gain or loss for withholding purposes. The withholding is not required if the total sales price is less than $100; the property is foreclosed upon, and some other cases.

What is the purpose of the 593-E form?

The Real Estate Withholding — Computation of Estimated Gain or Loss has some instructions for calculating an optional gain on the sale withholding amount. The information is required for calculating the seller’s taxes.

What documents must accompany the 593-E form?

This form is a part of the Real Estate Withholding Certificate.

Does the 593-E form have a validity period?

The computation form should be kept by the Real Estate Escrow Person (KEEP) for 5 years. The Real Estate Withholding Certificate is completed together with the 593-E form after the selling of the real estate property or at the end of the tax year.

What information should be provided in the 593-E form?

The form consists of two parts which must be filled in:

Part I — Information about the seller or transferor:

• Name of the seller

• SSN or ITIN

• Spouse’s/RDP’s name (if it’s a jointly owned property)

• Address of the seller

• Property address

Part II — Computation: this part contains the instructions for calculating the total sales price withholding amount.

The form should be also signed by the seller and the spouse and dated.

The second and the third pages of the form are instructions.

What do I do with the form after its completion?

The signed and completed Computation form is forwarded to the KEEP. This person must provide the form at the demand of the California Franchise Tax Board.

People Also Ask about

Do I need 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.

How does IRS know you sold property?

Typically, when a taxpayer sells a house (or any other piece of real property), the title company handling the closing generates a Form 1099 setting forth the sales price received for the house. The 1099 is transmitted to the IRS.

What is California 593 real estate withholding?

For taxable years beginning on or after January 1, 2012, the maximum personal income tax rate is 12.3%. In addition, non-California partnerships are subject to withholding requirements on a sale of California real property at a rate of 3 1/3% (. 0333) of sales price or 12.3% of gain.

What is form 593 v 2022?

Use Form 593-V, Payment Voucher for Real Estate Withholding, to remit real estate withholding payments to the Franchise Tax Board (FTB) whether Form(s) 593, Real Estate Withholding Statement, is submitted electronically or by mail. Use the voucher below to remit payment by check or money order only.

What is the purpose of form 593?

What forms are used to report withholding to the Franchise Tax Board? Currently California Forms 593 and 593V are used to report and remit withholding. The seller will receive needed copies of the forms for their tax returns from the party handling the withholding.

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What is CA FTB 593-E?

CA FTB 593-E is a form used by the California Franchise Tax Board (FTB) for reporting real estate withholding from the sale of California real property.

Who is required to file CA FTB 593-E?

The seller of California real property is required to file CA FTB 593-E if the sale results in withholding for state income tax purposes.

How to fill out CA FTB 593-E?

To fill out CA FTB 593-E, provide the seller's information, property details, the amount withheld, and sign the form. Follow the instructions on the form for detailed guidance.

What is the purpose of CA FTB 593-E?

The purpose of CA FTB 593-E is to capture and report amounts withheld from the seller's proceeds to ensure compliance with California state tax regulations.

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

Information reported on CA FTB 593-E includes the seller's name and address, the buyer's name and address, details about the property transaction, and the amount of tax withheld.