Yes, you do. Your sale is subject to a withholding tax of 3% of the sales price if the price is over $20,000.
Per Georgia 1031 exchange rules:
- Withholding: 3% of the sales price if the property is over $20,000.
- Exemption: Individual or entity that owns replacement property desired by the taxpayer. Sellers performing a 1031 exchange and acquiring replacement property in Georgia are exempt and must submit Form IT-AFF3. Nonresident sellers purchasing replacement property out of Georgia are not exempt.
- Further Information
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