Financial Services Industry
Industry: Email Alert RSS FeedChanges to real estate withholding and exemptions
California CPA, Dec, 2004
Assembly Bill 1338 changes California's real estate withholding requirements and exemptions effective for all transactions closing on or after Jan. 1, 2005.
Among other changes, the waiver process for non-individuals is replaced with a self-certification process and the exception for the sale of a principal residence expands to include sellers whose "last use" of the property sold was their principal residence, even if they do not meet the "two out of the last five years" requirement or one of the special circumstances.
Also, the exemption for the sale of a principal residence is expanded to include sales by estates when the property was the decedent's principal residence.
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For more, visit www.ftb.ca.gov/individuals/wsc/comp_chart.pdf.>
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