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Client was notified during escrow on sale of rental property, where client was carrying the paper, that on each installment payment BUYER is required to make payments on principle portion of note to the FTB. Can seller pay all the real estate withhholding based on 3 1/3% of total sales price upfront rather than making the BUYER withhold on each subsequent note payment? If so, how do we do that on form 593.
If not, I know I can opt out of installment sale treatment and recognized entire gain on tax return in the year of sale and request that subsequent payment not be withheld. What form do I file to request this? Do I just type letter requesting this? Thanks for the help.