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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: state withholding Posted by sgland on July 25, 2009 at 12:34 AM In Reply to: Re: state withholding posted by Dawn on June 03, 2009 at 2:17 PM If the beneficial interest of the trust is a california partnership, then you are exempt from withholding. Read the instructions and put an attachment to the 593-C: Part II Exemption: OWNER OF RECORD IS AN INCIDENTAL OWNER WITH NO FINANCIAL INTEREST IN THE PROPERTY. 100% OF THE FINANCIAL INTEREST IN THE PROPERTY BELONGS TO A CA PARTNERSHIP, EXEMPT FROM WITHHOLDINGS. Note: Obviously the beneficial interest of your Trust needs to be a Partnership to be exempt... but if it is, then this works. I use this all the time. : seems like an adendum signed by the parties of contract should suffice : : we are in escrow, title is in a trust, Ward pointed out during the Hunt Bch seminar that we could avoid the state withholding by holding title as a partnership, I believe he said we could deed the trust over to a partnership during escrow, I called our escrow and they said we would have to cancel escrow and start a new escrow with the partnership on title, any ideas if this is correct or can we deed into a partership during escrow Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : If the beneficial interest of the trust is a california : partnership, then you are exempt from withholding. : Read the instructions and put an attachment to the 593-C: : Part II Exemption: : OWNER OF RECORD IS AN INCIDENTAL OWNER WITH NO FINANCIAL INTEREST : IN THE PROPERTY. 100% OF THE FINANCIAL INTEREST IN THE PROPERTY : BELONGS TO A CA PARTNERSHIP, EXEMPT FROM WITHHOLDINGS. : Note: Obviously the beneficial interest of your Trust needs to be : a Partnership to be exempt... but if it is, then this works. : I use this all the time. : : seems like an adendum signed by the parties of contract should suffice : : : we are in escrow, title is in a trust, Ward pointed out during the Hunt Bch seminar that we could avoid the state withholding by holding title as a partnership, I believe he said we could deed the trust over to a partnership during escrow, I called our escrow and they said we would have to cancel escrow and start a new escrow with the partnership on title, any ideas if this is correct or can we deed into a partership during escrow [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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