New Condos Downtown San Diego: California Taxes

If you are thinking about selling your Downtown San Diego condo, or actually any California property, and you live out of state, you need to check out the tax ramifications. The California tax law creates a 3 1/3% withholding requirement upon sale of a property by a nonresident. This requirement is called CALFIRPTA and in other words, check before you do anything. You can review the California Franchise Board by going to this link, or you can just contact us and we will help you figure out your options.

Even if you are selling at a loss, you need to be aware of this withholding requirement so you can decrease or eliminate the withholding before you close the sale. We specialize in working with absent owners outside the State of California, so give us a call, or send us an email.

By Sharyn & Victoria Crown, Downtown San Diego real estate brokers

This is part of a series of articles entitled, New Condos, Downtown San Diego Style