What is a Real Estate Withholding Certificate – Form 593-C?
California requires that income tax for the sale of a home sale must be withheld.
Today, we’ll share with you more information about this form, why it’s important and key information you’ll want to know about before completing it.
So, let’s get started!
What is the 593-C Form?
How to Complete the 593-C Form
What Entities May Be Considered “Individuals” by the Franchise Tax Board?
What Are Exceptions to Withholding?
Certain real estate transactions are exceptions to state income tax withholding, including:
What Are Exemptions to Withholding?
There are a number of exemptions.
If any of the first three Exceptions to Withholdings apply, the seller will check that exception on the 593-C form and then sign it. If the seller checks number 4 on the 593-C form, claiming an exemption, there is an additional form which will need to be filled out.
The California Franchise Tax Board website has provided more information with a complete list of exemptions, as well as forms 593-C and 593-E. It is always important for the seller to check with their tax advisor when filling out the 593-C and it is even more important if the seller is filling out a 593-E exemption form.
We hope that you found this article helpful! Of course, if you have any questions about Form 593-C or need any type of assistance with an escrow, please contact us. We are here to help!
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