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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Avoid the 3.3% California witholding tax. Posted by Sara_CA on November 10, 2003 at 0:03 AM I am trying to avoid the 3.3% California witholding tax for the sell of my second home/investment. The easiest way I think I know how is to deed the house to multiple owners." I, Sara Lung, hereby grant the property located at ---- to Sara Lung, George Lung, and Thomas Lung, as tennant in common." Then sell the house from this multiple owners to the new buyer. 1. Will this avoid the 3.3% Cali tax? Is it realy this simple? 2. I have already opened escrow with the new buyer. Is it too late? Can I still deed the property to multiple owners and then at the close of escrow deed the property to the new buyer ? 3. The 3.3% Cali tax is a "withholding tax", right? Does it mean I get the money back next April? In this transaction the 3.3% amounts to about $20K. My income is not high this year. Definitely, my California state personal income tax next April will be much less than ($20K + state withholdings from my job). Do I get the money back? Is there something I am not understanding here? Any and all insight/comments/suggestions/advice is greatly appreciated. Follow Ups: Simple as pie... Ward-CA- 7:50 AM, 11/10/03 (0) Re: Avoid the 3.3% California witholding tax. zachary 7:43 AM, 11/10/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am trying to avoid the 3.3% California witholding tax for the sell of my second home/investment. The easiest way I think I know how is to deed the house to multiple owners." I, Sara Lung, hereby grant the property located at ---- to Sara Lung, George Lung, and Thomas Lung, as tennant in common." Then sell the house from this multiple owners to the new buyer. : 1. Will this avoid the 3.3% Cali tax? Is it realy this simple? : 2. I have already opened escrow with the new buyer. Is it too late? Can I still deed the property to multiple owners and then at the close of escrow deed the property to the new buyer ? : 3. The 3.3% Cali tax is a "withholding tax", right? Does it mean I get the money back next April? In this transaction the 3.3% amounts to about $20K. My income is not high this year. Definitely, my California state personal income tax next April will be much less than ($20K + state withholdings from my job). : Do I get the money back? Is there something I am not understanding here? : Any and all insight/comments/suggestions/advice is greatly appreciated. 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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