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I am a Non-resident of California. I owned but have sold a

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I am a Non-resident of...
I am a Non-resident of California. I owned but have sold a condo in SoCal in April 2009. I live in Connecticut. Do I need to file a California estimated tax by June 15, 2009? or should I wait until the tax time 2010?
Submitted: 8 years ago.Category: Tax
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6/2/2009
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 8 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Dear Judy -

 

In most cases in California when there is a transfer of real estate by a non-resident, the escrow agent withholds funds on the sale to cover (partially cover) the CA tax liability. You should receive a Form 593 that reports the amount withheld. You should check with the broker/escrow agent to determine if there was tax withheld.

 

In the event that there was no withholding, you should make an estimated tax payment on June 15th. If you wait until you file in 2010 you may be subject to underpayment of estimated tax penalties.

 

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
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