I have just heard that nonresident sellers will see an increase in the witholding tax effective July 1st 2008.
The withholding tax for nonresident individuals selling Maryland real property will increase from 6.75% to 7.5%. The rate for nonresident entities remains the same (8.25%).
Therefore if a settlement occurs on or after July 1 st the higher rate now applies.
This is important information to know and pass on to your non-resident sellers.
Looking to sell? Contact me for other important facts you need to know before you sell.
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