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Clients are Saying

She’s the best. We sold our house and made a great friend along the way!

After trying to sell our home for over a year with another real estate agent, we found Lorraine. She took the time to go through the psychology of the buyer and educated us on exactly what to do with our home to sell it. And she knew what she was talking about! She sold our home for more than we expected and we were able to realize our dream and move to Mexico! She’s the best. We sold our house and made a great friend along the way!
—Jenny & Ken T.
Seller
Lorraine's Blog
 
When did withholding start for California residents?
The withholding law applies to dispositions of California real estate by both residents and non-residents which close on and after January 1, 2003. Previously, withholding was only required of non-resident sellers.


Why was this withholding law enacted?
As part of attempting to balance the state budget, this withholding provision was added to legislation on the last day of the Legislative session in 2002. It was estimated to accelerate collection of $285 million in additional state revenue.


Who is responsible for withholding?
The law requires the buyer (called the transferee) to withhold from what would otherwise be paid to the seller.


What unit at the Franchise Tax Board handles the withholding?
The Withholding Services and Compliance Section handles the withholding. Phone number is (888) 792-4900 and information can be found on their website at: https://www.ftb.ca.gov/forms/2012/12 1016.pdf

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