Our investment property is in escrow and we are two partners (not my spouse) for this property. We don't have any LLC.
We made very minimum profit so not planning to do any 1031 considering the small amount.
So we checked the box 7 on section II of the form. It looks like rest all in section II does not seem to be valid. Any thoughts?
We don't want to withhold the taxes during the closing of the transaction.
Yes, checking Box 7 of CA Form 593-C should work. You definitely do not want taxes withheld at the partnership level because you will be pulling your hair out trying to get it back from California.
Thank you for the response.