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Can I write off the FTB (California's franchise tax board) withholding of the sales price of the sale of my rental home? Where?

I sold my rental property in 2018. In my final seller's statement, I have FTB withholding charges of 3.33% of the sale price of the home.  How can I claim this when entering the sale information in Turbo tax, if I can't claim it under selling expenses/asset sales expenses?

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1 Reply
BarbL
Employee Tax Expert

Can I write off the FTB (California's franchise tax board) withholding of the sales price of the sale of my rental home? Where?

The 3.33% to the FTB is a prepayment of income tax, which is why it isn't entered as an expense of sale.  You will want to enter that as an estimated state tax payment, in order to have it offset your 2018 tax liability.  

 

See these instructions to get to the appropriate entry point: Where do I enter my estimated tax payments?

 

Select Start next to State estimated taxes, respond 'yes' to the question asking if you made state estimated payments, then enter the information in the "Additional Payments" section on the following page.

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