Hi all, In need of some advice. I'm in the process of selling my condo, and currently in escrow. Escrow sent me a 593 tax withholding form to complete and not entirely sure how to proceed. I've lived in the condo as my primary residence for 650 days (just shy of 2 years) so do not qualify for the two year primary residence full exemption but I do qualify for the partial exemption since I moved to another state more than 50 miles for a new job. I originally paid $680k and am selling for $735k so based on the withholding calculation the $55k capital gain should be exempt from tax.
What would be my next steps from here? Do I still fill out the 593 real estate tax withholding form or am I supposed to ask escrow for another form to fill out? This form doesn't have any information listed for me to select the partial exemption due to work relocation. It also looks like they'd need to capture and send the franchise tax board the sales price Withholding amount regardless?
Also, am I supposed to fill out the 1099-s form? Have not received it from escrow as well.
Any advice and help would be appreciated.
purchased home: 5/21/2021
Moved out of state and rented home: 6/1/2023
sold home/date of closing: 9/10/2024
Thank you in advance
