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Printable Form 1099-S Vallejo California: What You Should Know

Real Estate Brokers The following companies list their addresses, phone numbers, fax numbers, etc: California Tax Service California Real Estate Broker Referral List (California Real Estate Brokers) Contact Information What about other Real Estate Transactions? For the most part, for personal property, you need to collect the entire sale price upfront or at closing, and that is what we will be focusing on for our discussion today. For commercial property, there are no limitations by any state as to when and where such a sale can be closed.  For the most part, commercial property sales are handled on a cash basis.   The main exception to this, and one of the reasons real estate agents are often referred to as “property titling services”, is when you are selling residential property for a single sale for a property less than 25,000, then the “assessment” is made per square foot.  This is called “property titling” and it essentially does the property titling for the buyer and seller.  If selling a commercial property, the “assessment” is also made per square foot. Some counties do not apply any type of sales tax to the residential portion of the commercial property. Some counties, such as San Francisco, even have a program of paying the commercial property taxes to the local government upon sale. The cost of property tax is paid by the seller at the final closing. However, if you are selling commercial property for more than 25,000, the commercial portion is assessed per square foot.   The Tax Code itself states that a property tax is considered a “use tax” if it costs more than 10% of the sale price.  That includes commercial, residential, and industrial. In most communities that use the California Sales Tax, the commercial portion is assessed at 10% but not residential. You will be treated as a residential seller with regard to the California Sales Tax when it comes time to collect it.   If you are selling residential property, you will be taxed on all of your sales.  As previously mentioned, if you are selling commercial property, you are taxed on your entire sale price, whether you sell it in a day or two. Real Estate agents and their clients are highly discouraged from using the “cash for clunkers” program and to use a cash-in-hand basis for any sale.

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