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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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Im helping my parents fill out form 593-C Real Estate withholding

Resolved Question:

I'm helping my parents fill out form 593-C Real Estate withholding Certificate. The home was my brothers he passed in 2006 and we went thru probate and the house went to my parents he was not married or had kids. they paid 17k for the probate do they still get hit with the 3 1/3 withholding
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today? I'm sorry to hear about your loss.

Megan C :
According to the FTB, Sellers are exempt from withholding if the:


Property qualifies as their principal residence

(IRC Section 121).


Property was last used as their principal

residence (IRC Section 121).


Sale will result in a loss or zero gain for California

tax purposes.


Transaction will qualify as a like-kind exchange,

with the exception of boot (IRC Section 1031).


Transaction will qualify as an involuntary

conversion (IRC Section 1033).


Transaction will qualify for nonrecognition

treatment under IRC Section 351 (transfer to

a corporation controlled by the transferor) or

IRC

Section 721 (contribution to a partnership in

exchange for a partnership interest).


Seller is a corporation with a permanent place of

business in California.


Seller is a partnership.


Seller is an LLC classified as a partnership for

federal and California income tax purposes,

which is not a single member LLC that is

disregarded for federal and California income tax

purposes.


Seller is a tax-exempt entity.


Seller is an insurance company, individual

retirement account (IRA), qualified pension plan,

or charitable remainder trust

Megan C :

Your parents would be exempt from the withholding if there is no taxable gain for purposes of California tax.

Customer:

There is a gain

Megan C :

Well, unfortunately there is no other exemption available to them.

Customer:

Ok. I will advise them that since there is a gain escrow will hold 3 1/3 of sales price.

Megan C :

I'm sorry that I didn't have better news to report.

Megan C :

Is there anything else that I can assist you with today?

Customer:

That's ok ...I think if they would of sold after he passed that would of qualified for the two yr rule.

Megan C :

I think so too, but 2006 is a long time.

Customer:

Thank you for your time.

Megan C :

You're welcome. If you would, please take a moment to rate my response as "excellent' so that I may receive credit for assisting you today

Customer:

You got it.

Megan C :

Thanks so much

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 10 months ago.
Thank you for your positive rating. Please come back and visit me any time you need a question that needs answered. It was a pleasure working with you today.

In a few days you will receive a short survey. Your positive feedback on that survey would be greatly appreciated, as it will help with rankings on the site. Thanks again for being a valued JustAnswer.com customer.

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