Form Mw506nrs - Return Of Income Tax Withholding For Nonresident Sale Of Real Property - 2017 Page 4
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42017
Form
Maryland Return of Income Tax Withholding
MW506NRS
for Nonresident Sale of Real Property
1. Description and address of property transferred (include property account
7. Transferor/Seller is:
ID number)
An Individual/Estate/Trust
A Partnership
A Corporation
An S Corporation
A Business Trust
A Limited Liability Company
8. Computation of Total Payment and Tax to be Withheld (See Instructions)
3. Check box if the transferor/
2. Date of transfer
a. Total sales price
$ ____________
seller is reporting gain under
the installment method
b. Less selling expenses
____________
c. Net sales price
____________
4. Transferor/Seller’s identification no.
5. Spouse’s SSN
d. Less debts secured by mortgages or
(SSN or FEIN) (Enter only one number)
other liens on the property
____________
e. Total payment
____________
6. Transferor/Seller’s name (Enter only one name, unless spouses are filing a
f. Transferor/Seller’s ownership percentage
____________
joint return. If more than one transferor/seller, use separate forms for each)
g. Transferor/Seller’s share of total payment ____________
h. Enter h(1) or h(2) whichever applies
}
(1) If a business entity - 8.25%
Street address
(2) If an individual/estate/trust - 7.5%
____________
i. Maryland Income Tax withheld (Multiply
Line g by Line h) (If certificate of partial
City, state and ZIP code
exemption granted, enter amount from
$
Line 3 of the Form MW506E)
COM/RAD-308
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Copy D - For Issuer
INSTRUCTIONS FOR RETURN OF INCOME TAX WITHHOLDING FOR NONRESIDENT SALE OF REAL PROPERTY
(FORM MW506NRS)
THERE ARE FOUR COPIES OF FORM
be filed with the deed or other instrument of
tax identification number on Copy B of Form
MW506NRS.
transfer when presented to the Clerk of the
MW506NRS.) Enter the name (or names, if
Circuit Court for recordation. A separate check
spouses filing a joint return) of the transferor/
General Instructions
or money order in the aggregate amount of the
seller and the transferor/seller’s address. Do
Purpose of Form
tax due for each nonresident transferor/seller
not enter the street address of the property
Form MW506NRS is designed to assure the
with regard to a sale or transfer of real property
being transferred.
regular and timely collection of Maryland
must be paid to the Clerk.
Line 7.
Check the appropriate box for the
income tax due from nonresident sellers of real
Give Copy C to the transferor/seller at closing.
transferor/seller.
property located within the State. This form is
The issuer retains Copy D.
Line 8.
If a Certificate of Partial Exemption is
used to determine the amount of income tax
Specific Instructions
issued by the Comptroller, do not complete lines
withholding due on the sale of property and
8a though 8h. Instead, enter the amount from
provide for its collection at the time of the sale
Line 1.
Enter the street address for the
Line 3 of the Form MW506E on Line 8i.
or transfer.
property as listed with the State Department
of Assessments and Taxation (SDAT). If the
Complete this section to determine the total
Who must file Form MW506NRS
property does not have a street address,
payment
allocable
to
the
transferor/seller
If the transferor/seller is a nonresident individual
provide such descriptive information as is used
that is subject to the income tax withholding
or entity, and is transferring an interest in real
by SDAT to identify the property. Also include
requirements and the amount of tax required to
property located within the State of Maryland,
the SDATproperty account ID number for the
be withheld. The total payment is computed by
unless the transaction is otherwise exempt from
parcel being transferred. If the property is made
deducting from the total sales price (including
the income tax withholding requirement, the
up of more than one parcel and has more than
the fair market value of any property or other
person responsible for closing must file Form
one account number, include all applicable
nonmonetary consideration paid to or otherwise
MW506NRS with the deed or other instrument
account numbers.
transferred to the transferor/seller) the amount
of transfer that will be filed with the Clerk of
of any mortgages or other liens, the commission
Line 2.
Enter the date of transfer. The date
the Circuit Court for recordation. If there are
payable on account of the sale and any other
of transfer is the effective date of the deed as
multiple transferors/sellers, a separate form
expenses due from the seller in connection with
defined in §3-201 of the Real Property Article,
must
be
completed
for
each
nonresident
the sale.
Annotated Code of Maryland. The effective
individual or nonresident entity subject to the
date is the later of: (1) the date of the last
Line f.
If there are multiple owners, enter
withholding requirements. The separate form
acknowledgement; or (2) the date stated in the
the percentage of ownership of the transferor/
requirement does not apply to a spouses are
deed.
seller for whom this form is being filed.
filing a joint Maryland income tax return.
Line 3.
Check the box if the transferor/seller
Line g.
Multiply line e by line f to determine
When to file Form MW506NRS
is reporting the gain under the installment
the
transferor/seller’s
share
of
the
total
Unless the transaction is otherwise exempt from
method.
payment.
the income tax withholding requirement, the
Lines 4, 5 and 6.
Unless transferors/sellers
Line h.
Enter the applicable rate for the
person responsible for closing must include with
are spouses and filing a joint Maryland income
transferor/seller.
the deed or other instrument of transfer, a Form
tax return, a separate Form MW506NRS must
MW506NRS for each nonresident transferor/
Payment of Tax
be completed for each transferor/seller that is
seller, when the deed or other instrument of
Make check or money order payable to the Clerk
entitled to receive any part of the proceeds of
transfer is presented to the Clerk of the Circuit
of the Circuit Court for the county or Baltimore
the transfer. Enter the tax identification number
Court for recordation.
City in which the deed or other instrument of
or social security number for the nonresident
What to file
transfer will be presented for recordation.
transferor/seller and the social security number
Copies A and B of each Form MW506NRS must
for the spouse, if applicable. (Do NOT enter the
COM/RAD-308
17-49
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