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California Taxes on a property that is being sold and financed

Ernievenegas
Level 1

We are selling a property in California and we will finance the property.  The title company is telling us they must collect 3.33% of the total of the sale.  The total sale price is $375,000.00.  I was under the  impression we would be paying taxes on the actual money we receive. 

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abctax55
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

But here's a bone for you... research F 593 for CA.  Actually, the Title Co should have given you the instructions/options.

 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

1 Reply 1
abctax55
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

But here's a bone for you... research F 593 for CA.  Actually, the Title Co should have given you the instructions/options.

 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post