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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 3.3% withholding....will this work?? Posted by zachary on October 09, 2003 at 11:15 AM Ward, just selling my first preforcosure....escrow will be opened today. Currently holding title in a trust with me as the trustee and as beni. I am forming my corp right now and should have my EIN and bank account opened within a week and a half... I was going to assign beni. to my corp before closing, but I talked to the state frnachise tax board yesterday and they told me that with an individual as trustee I will have to pay the witholding regardless of who or what the beni is.... They suggested that I deed to the corp right before closing.... I am adding an addendum to the cotract that says the seller is: me as trustee, and/or my corp. questions: 1. do I tell the escrow officer up front? 2. should I do it in written escrow intructions stating that on or before the day of closing title will be deeded to the corp and that the corp will deed it to the buyer? 3. do you think this will throw the lender for a curve? 4.should I just wait and pull this out at the last minute?? OR...... 5. Should I change the trustee and beni to my corp (in a few weeks when I get it together) and then sell it out of the trust still... I'm liking #5....seems the easiest..... any thought would help a ton.....desperatly don't want to let CA have my money to play with until april :-) thanks Zachary Follow Ups: Try a JV if Corp isnt ready Travis-CA 9:37 PM, 10/10/03 (0) anyone else? zachary 11:53 AM, 10/09/03 (0) Re: 3.3% withholding....will this work?? st 11:33 AM, 10/09/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : just selling my first preforcosure....escrow will be opened today. : Currently holding title in a trust with me as the trustee and as beni. : I am forming my corp right now and should have my EIN and bank account opened within a week and a half... : I was going to assign beni. to my corp before closing, but : I talked to the state frnachise tax board yesterday and they told me that with an individual as trustee I will have to pay the witholding regardless of who or what the beni is.... : They suggested that I deed to the corp right before closing.... : I am adding an addendum to the cotract that says the seller is: : me as trustee, and/or my corp. : : questions: : 1. do I tell the escrow officer up front? : 2. should I do it in written escrow intructions stating that on or before the day of closing title will be deeded to the corp and that the corp will deed it to the buyer? : 3. do you think this will throw the lender for a curve? : 4.should I just wait and pull this out at the last minute?? : OR...... : 5. Should I change the trustee and beni to my corp (in a few weeks when I get it together) and then sell it out of the trust still... : I'm liking #5....seems the easiest..... : any thought would help a ton.....desperatly don't want to let CA have my money to play with until april :-) : : thanks : Zachary Optional Link URL: Link Title: Optional Image URL: [ 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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