Legal Question in Real Estate Law in California
ab 2065 status
is ab 2065 suppose to be a temporary law, until the deficit it intended to clear up is accomplished?
if you only profit $1.00 on your investment property, does the 3.5 tax witholding still apply?
is there an allowable tax write-off for paying this tax on your year end returns?
Asked on 8/03/03, 5:19 pm
2 Answers from Attorneys
Ken Koenen
Koenen & Tokunaga, P.C.
Re: ab 2065 status
The 3.5% is not a tax, it is a withholding for possible capital gains. Many people were selling their homes and moving out of state, never paying a California capital gains tax. There are exemptions, such as if the sale of the property which is your primary residence.
Answered on 8/04/03, 11:38 am
Dieter Zacher
Law Offices of Dieter Zacher
Re: ab 2065 status
We don't practice tax law. Please seek out the assistance of a tax law specialist. Thanks for inquiring.
Answered on 8/03/03, 11:49 pm
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