Revised California Real Estate Withholding Tax Exemption Law
I'm a full-time rehabber. I just found out that beginning Jan. 1, 2005, in California only, non-individual sellers (like corporations) will no longer be exempt from the 3.33% tax withholding. In other words, escrow will now take the 3.33% of sales price even if you're a rehabber/flipper doing business as a corp. I'm not very happy that now I have to give Arnold a huge advance on my taxes. Does anyone in California know of ways around this? any legal loopholes? :-(
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