We sold property and the escrow company sent 15% of the proceeds to the IRS. Why?
Christopher A. CombsQuestion: We sold a 20-acre parcel of land in Buckeye for $3 million. At the close of escrow, the escrow company transferred 15% of the sale proceeds — $450,000 — to the IRS. The escrow company said that this transfer is because we may have to pay capital gains taxes on the sale,…