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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Trust CA real estate withholding to beneficiaries
Trust CA real estate withholding to beneficiaries
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Matt-EA
Level 1
02-27-2022
08:05 PM
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Client sold a property in a trust and CA withheld taxes on the sale under the trust ID number on a Form 593. I am trying to figure out if there is a way to allocate this withholding to the beneficiaries and have it passed out on a K-1.
I have had someone suggest to use a 592-B form, but I don't see how that applies as it was the escrow company that did the withholding and remitted the taxes to the FTB(CA), the trust did not withhold and remit the tax.
Any advice is appreciated. Thank you.
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qbteachmt
Level 15
02-28-2022
05:18 PM
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It's going to depend on what sort of trust and what are the provisions in that trust.
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