Legal Question in Tax Law in California

Tax withholding on Capital Gain for foreigner

Are there any tax withholding for a foreigner on Capital gain? The condo was owned 5 years (California).


Asked on 6/09/05, 8:03 am

2 Answers from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Tax withholding on Capital Gain for foreigner

SEE:

http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html

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Answered on 6/10/05, 8:49 am
Ken Koenen Koenen & Tokunaga, P.C.

Re: Tax withholding on Capital Gain for foreigner

California will withhold 3.5% of the selling price of the property. Furthermore, you are required to sign a "FIRPTA" stating that you have foreign status. The title company will be required to withhold a percentage of the sale, too. There are exceptions, but I would need more facts to determine if you qualify.

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Answered on 6/09/05, 8:21 am


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