Some key factors to know about the Internal Revenue Service (IRS) and your sale escrow: The IRS requires that settlement agents report the sales they close The report is submitted by the filing of Form 1099-S Certain transactions do not have to be reported No report is submitted for a Corporation Seller No report is submitted under certain Residing Seller … Read More
The FTB and Your Sale Escrow
Some key factors to know about the Franchise Tax Board (FTB) and your sale escrow: Every Seller’s withholding status is assessed separately Married Sellers are each considered to hold a 50% interest (Community Property State) A properly completed Form 593-C avoids withholding No FTB form is complete without a Taxpayer Identification Number (TIN) Form 593-E is offered by the FTB … Read More