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pancakesla
New Member

Is California Franchise withholding Tax of %3.3 part of expenses that can be deducted on the sale of a second home when calculating net adjustments to gain?

 
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KittyM
Level 2

Is California Franchise withholding Tax of %3.3 part of expenses that can be deducted on the sale of a second home when calculating net adjustments to gain?

No, it is not an expense of the sale, but a tax withholding.  If your actual tax bill is less, you may get a refund of part of this amount from the Franchise Tax Board.

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KittyM
Level 2

Is California Franchise withholding Tax of %3.3 part of expenses that can be deducted on the sale of a second home when calculating net adjustments to gain?

No, it is not an expense of the sale, but a tax withholding.  If your actual tax bill is less, you may get a refund of part of this amount from the Franchise Tax Board.

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