Selling flip in CA: Tax Question

[taekwondodo]

I am selling my first flip and getting ready to list it.

The R/E has mentioned that because I never lived in the house, the state of CA will with-hold ~3% of the GROSS out of the sale, and set-aside for my personal income taxes (which I should get a large portion back out after I file in Feb - but this seems ridiculous - of the NET profit, I could see - but not of the GROSS!!!).

Any accountants from CA have any tips (or better info...)?

Thanks,

- Jeff

[Burke]

Jeff,

If you don't yet have an answer, you might post your message over on the SDCIA board. Most of the posters there are active in CA and probably have a better idea. I believe there are a few accountants that hang out there as well. You could also ask them for a referral to one if needed.

https://www.websitetoolbox.com/mb/sdcia