Thinking of Selling Some Investment Property?
Profit Ability Article Highlight

In an effort to obtain interest-free loans from the good citizens of California, this year, the state government began withholding 3.3% on every sale of investment real estate. The 3.3% withholding applies to any sale of real estate by an individual in California taking place in 2003 or later. The percentage is applied to the property's gross sales price. Some exclusions do apply:

• Like-kind exchanges (section 1031/1033 )
• Sales of primary residences
• Sales of $100,000 or less and some foreclosures
• Sales wherein a loss is incurred by the seller
• Payments received in 2003 related to sales taking place before 2003

If you have questions on this issue, please feel free to contact our firm's offices at 714.937.6337. If you prefer, we can be reached via e-mail at info@talleynco.com.