Completion of this required form will determine whether a tax withholding on your proceeds applies to your transaction. Completion of the (FTB)593 is not optional. Escrow officers are required to withhold 3-1/3% of the sales price and to submit these funds to the Franchise Tax Board if the 593 is not completed, and is not signed, or if your social security number is missing.
Sellers will receive a current Franchise Tax Board (FTB) form in their Opening Escrow. Progressive Escrow urges clients to take the time to seek professional advice from your CPA, to assist you in the completion of this important Tax document. Escrow Officers are not permitted, under the law, to answer questions or advise the seller regarding the 593 forms. Your financial advisor can help you determine which withholding method is best for you. Be sure to complete all information. Please follow the link below to view a copy of the 593-C.
F T B Form 593-C Real Estate Withholding Certificate- https://www.ftb.ca.gov/forms/2014/14_593c.pdf
