Real Estate 593 Form HELP

[Flora Nguyen]

Hi Everyone!!

I recently rehabbed a property and for the most part things went smoothly! I’m currently in escrow and was asked to fill out a real estate tax withholding 593 Form. I’m not familiar with this and how it could affect taxes comes filing time so if anyone have any insight on how best to use this form or any experience with this form would be greatly appreciated!

Is it wise to not withhold any taxes at this time so I can hold onto more of the profits or have them withhold now and have my accountant try and get some returns at the end of the year ?

Also, if anyone has any recommendation for a real estate CPA or tax strategist for flipping /rehabbers. I’d greatly appreciate some referrals

Thanks!!

[Basit Siddiqi]

@Flora Nguyen

Regarding professional referrals - @Katie L. normally has some references within the San Diego area and looking for someone local.

If you are okay with working with someone remotely, there are a large amount of CPA's who frequent the biggerpockets message board.