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California Real Estate Tax Question

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    #1

    California Real Estate Tax Question

    One of my clients called me to find out some info and I am inquiring what this is all about.
    I have a NY resident who moved from California in 2009.
    She owns rental property in California - where we report the rental income as a non resident on the California non-resident form.
    What I'm inquiring about is not an income tax.
    It apparently is a real estate related tax imposed by the Franchise Tax Board - Form 588 or Form 589.

    I'm really getting this third hand - client is a senior citizen, has her New York son take care of all her financial affairs.

    What is this tax? Can she be exempt because she no longer resides in California, and if the tax is owed on the rental property, can she pay it directly rather than have a managing agent pay it from an escrow account or in any way get involved in the compliance part of it?

    That's all the information I have at this time.
    Uncle Sam, CPA, EA. ARA, NTPI Fellow
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    #2
    Form 588 Nonresident Withholding Waiver Request

    I am not familiar with this form other than what I checked on a minute ago. I need to call FTB later this morning on another matter and will check it for you and will let you know what I find out. If you need some add'l info that you have not posted, the CA hotline is (916) 845-7057.

    Hopefully, someone that is familiar with it will post for you.

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      #3
      California Real Estate Tax Question

      I printed out the Form 588.
      Does the Withholding Agent information have to be entered - or can the client just complete the application?
      Uncle Sam, CPA, EA. ARA, NTPI Fellow

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        #4
        Form 588 Nonresident Withholding Waiver Request

        I called, but could not gather much useful info to pass on you. In order to give you a definate answer, it seems I need information on your client that I do not have, but you do. I was advised to have you call (916) 845-4900 to speak with them directly. You might want to get Form 3521 signed, just in case.

        If you would like to leave me a PM, I'll pass on my contact info and discuss my conversation in more detail.

        Sorry this is all I could get for you.

        Comment

          #5
          California Real Estate Tax Question

          DTS-thank you for your assistance.
          What I did was send my client the form with the instructions and let her son take it from there.
          Uncle Sam, CPA, EA. ARA, NTPI Fellow

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