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IMPORTANT TAX CONSIDERATION for California Property Owners – (California Withholding Tax Requirement for Nonresidents)
If you are a California resident and have a California rental property with Premier Properties Management, you will need to have a completed Franchise Tax Board Form 590 on file with us.
If you are not a California resident, have a California property and have filed a California Tax Return in the past two years, you may qualify for a waiver. You will need to complete our modified Form 588 so we can apply for the waiver for you. Once an approved waiver is obtained, you will receive a copy for your records.
If you are not a California resident, have a California property and have NOT filed a California Tax Return in the past two years, you are subject to a 7% withholding for the State of California. We will deduct the withholding and submit quarterly to the Franchise Tax Board and provide you with a Form 592-B at the end of the year.
Please consult with your own tax advisor as to how to complete your forms. We are not a tax office.
For the direct link to the Franchise Tax Board information regarding Withholding on Nonresidents with California Income, click here.