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How does the new tax law for homes that close after 1/1/2003 effect me?

April 26, 2017homes tax law

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How does the new tax law for homes that close after 1/1/2003 effect me?

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For Your Information 2003 TAX LAW CHANGES: In addition to nonresident individuals and non-individuals, withholding is now required when resident individuals sell California real property and the escrow closes on or after January 1, 2003. This new tax law may require that you withhold a certain portion of your proceeds at close of escrow. Please consult with a certified tax account to determine how any new tax laws may affect the sale of your property. CONTACTING THE FRANCHIS TAX BOARD TO ORDER FORMS Internet: www.ftb.ca.gov/geninfo/wscs/forms.