Selling Maryland real estate live outside the state?

By
Real Estate Agent with Frankly Real Estate Inc.
http://actvra.in/4MlG

Selling Maryland real estate but live outside the state? Here’s what you need to know!

Selling Maryland real estate but live outside the state? Here’s what you need to know! If you own and are selling a property in Maryland, but do not currently reside in Maryland you will be required to fill out a form Form MW506NRS - Return of Income Tax Withholding for Nonresident Sale of Real Property. The title company or closing attorney is usually responsible for making sure funds required to pay for this tax are withheld at settlement. After settlement the title company pays the withholding tax due to the state clerk when the deed is recorded. Check with your title company or closing attorney to see if there are exemptions.

 

Effective January 1, 2016:

For individuals, the withholding tax is 7.5%

For businesses or corporations the withholding tax is 8.25%

Here are important links

Clerk of the Circuit Court

State Department of Assessments and Taxation (SDAT)

Withholding Requirements for Sales of Real Property by Nonresidents.

 

If you are thinking of selling your Maryland real estate, I’m here to assist you. Call or text 443.286.4365 or email me at Phillup411@gmail.com.

Maryland Withholding Tax  for Nonresident Sale of Real Property.

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Rainer
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Joy Bender
Pacific Sotheby's - La Jolla, CA
Who You Hire Matters

great advice Diane M. Phillips Realtor 443-286-4365 for those in close proximity to participate.

Dec 30, 2015 09:13 AM #1
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Rainmaker
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Diane M. Phillips Realtor 443-286-4365

Specializing in Carroll Co., MD
I love answering real estate questions. Ask me anything!
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