A first-time buyer (FTB) is a term used in the British, Irish, Canada property markets, and in other countries, for a potential house buyer who has not previously purchased a residential property.
What is FTB withholding?
We refer to the amount of wages taken from your paycheck for state and federal income taxes as withholding. The amount of tax withheld is determined by the following. The amount of income subject to tax.
What is a real estate withholding statement?
» California Real Estate Withholding is prepayment of estimated income tax due the State of California on gain from the sale of California real property. If the amount withheld is more than the income tax liability, the state will refund the difference when you file a tax return for the taxable year.
What is the 3.33 FTB withholding?
In a nutshell, California law requires a buyer to withhold 3.33% of the sales price and send it to the Franchise Tax Board as a “prepayment” of the state tax a seller owes on the sale of real estate.
What is an FTB lien?
A lien secures our interest in your property when you don't pay your tax debt. Once a Notice of State Tax Lien is recorded or filed against you, the lien: Becomes public record. Attaches to any California real or personal property you currently own or may acquire in the future.
What does Box 10 mean on 1098 form?
Box 10 – Other information, such as real estate taxes and insurance paid from escrow will be included in this space.