Form Mw506nrs - Return Of Income Tax Withholding For Nonresident Sale Of Real Property - 2011
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4Return of Income Tax Withholding for
Maryland
2011
Form
Nonresident Sale of Real Property
MW506NRS
Comptroller of Maryland
Revenue Administration Division
Annapolis, Maryland 21411-0001
7. Transferor/Seller is:
1. Description and address of property transferred (include property account ID number)
An Individual/Estate/Trust
A Partnership
A Corporation
An S Corporation
A Business Trust
A Limited Liability Company
3. Check box if the transferor/seller
8. Computation of Total Payment and Tax to be Withheld (See Instructions)
2. Date of transfer
is reporting gain under the
$
a. Total sales price
________________________
installment method
b. Less selling expenses
_________________________
4. Transferor/Seller’s identification no.
5. Spouse’s SSN
c. Net sales price
________________________
(SSN or FEIN) (Enter only one number)
d. Less debts secured by mortgages or other
liens on the property
________________________
6. Transferor/Seller’s name (Enter only one name, unless husband and wife filing a joint
e. Total payment
________________________
return. If more than one transferor/seller, use separate forms for each)
f. Transferor/Seller’s ownership percentage
________________________
g. Transferor/Seller’s share of total payment
________________________
h. Enter h(1) or h(2) whichever applies
Street address
}
(1) If a business entity - 8.25%
(2) If an individual/estate/trust - 6.75%
________________________
i. Maryland Income Tax withheld
City, state, and ZIP code
(Multiply Line g by Line h)
$
(If certificate of partial exemption granted,
enter amount from Line 3 of the Form MW506E)
Under penalties of perjury, I declare that I have examined this return and to the best of my knowledge
and belief, it is true, correct and complete. If prepared by a person other than the transferor/seller, the
declaration is based on all information to which the preparer has any knowledge.
Preparer’s Name _____________________________________________
Preparer’s Phone Number _______________________________________
Signature
Date
Copy A - For Comptroller of Maryland, Revenue Administration Division. (File with Clerk of the Circuit Court)
COM/RAD-308 (Rev. 12/10)
INSTRUCTIONS FOR RETURN OF INCOME TAX WITHHOLDING FOR
NONRESIDENT SALE OF REAL PROPERTY (FORM MW506NRS)
THERE ARE FOUR COPIES OF FORM MW506NRS.
What to file
transferor/seller and the transferor/seller’s address. Do not
Copies A and B of each Form MW506NRS must be
enter the street address of the property being transferred.
filed with the deed or other instrument of transfer
General Instructions
Line 7. Check the appropriate box for the transferor/seller.
when presented to the Clerk of the Circuit Court for
recordation. A separate check or money order in the
Purpose of Form
Line 8. If a Certificate of Partial Exemption is issued by the
aggregate amount of the tax due for each nonresident
Form MW506NRS is designed to assure the regular and
Comptroller, do not complete lines 8a though 8h. Instead, enter
transferor/seller with regard to a sale or transfer of real
timely collection of Maryland income tax due from
the amount from Line 3 of the Form MW506E on Line 8i.
property must be paid to the Clerk.
nonresident sellers of real property located within the
Complete this section to determine the total payment
State. This form is used to determine the amount of
Give Copy C to the transferor/seller at closing. The
allocable to the transferor/seller that is subject to the income
income tax withholding due on the sale of property
issuer retains Copy D.
tax withholding requirements and the amount of tax required
and provide for its collection at the time of the sale or
to be withheld. The total payment is computed by deducting
transfer.
Specific Instructions
from the total sales price (including the fair market value of any
Who must file Form MW506NRS
property or other nonmonetary consideration paid to or other-
Line 1. Enter the street address for the property as
If the transferor/seller is a nonresident individual or
wise transferred to the transferor/seller) the amount of
listed with the State Department of Assessments and
nonresident entity, and is transferring an interest in real
any mortgages or other liens, the commission payable on
Taxation (SDAT). If the property does not have a street
property located within the State of Maryland, unless the
account of the sale, and any other expenses due from the
address, provide such descriptive information as is used
transaction is otherwise exempt from the income
seller in connection with the sale.
by SDAT to identify the property. Also include the SDAT
tax withholding requirement, the person responsible for
property account ID number for the parcel being trans-
Line f. If there are multiple owners, enter the percentage of
closing must file Form MW506NRS with the deed or
ferred. If the property is made up of more than one parcel
ownership of the transferor/seller for whom this form is being
other instrument of transfer that will be filed with the
and has more than one account number, include all
filed.
Clerk of the Circuit Court for recordation. If there are
applicable account numbers.
multiple transferors/sellers, a separate form must be
Line g. Multiply line e by line f to determine the transferor/
Line 2. Enter the date of transfer. The date of transfer
completed for each nonresident individual or nonresident
seller’s share of the total payment.
is the effective date of the deed as defined in §3-201 of
entity subject to the withholding requirements. The
the Real Property Article, Annotated Code of Maryland.
separate form requirement does not apply to a husband
Line h. Enter the applicable rate for the transferor/seller.
The effective date is the later of: (1) the date of the last
and wife filing a joint Maryland income tax return.
Payment of Tax
acknowledgement; or (2) the date stated in the deed.
A “nonresident entity” is defined to mean an entity that:
Make check or money order payable to the Clerk of the Circuit
Line 3. Check the box if the transferor/seller is reporting
(1) is not formed under the laws of Maryland more than
Court for the county or Baltimore City in which the deed or
the gain under the installment method.
90 days before the date of sale of the property, and (2) is
other instrument of transfer will be presented for recordation.
not qualified by or registered with the Department of
Lines 4, 5 and 6. Unless transferors/sellers are husband
Signature
Assessments and Taxation to do business in Maryland
and wife and filing a joint Maryland income tax return, a
Copy A of this return must be verified and signed by the
more than 90 days before the date of sale of the property.
separate Form MW506NRS must be completed for each
individual transferor/seller, an authorized person or officer of a
transferor/seller that is entitled to receive any part of
When to file Form MW506NRS
business entity, or the person responsible for closing.
the proceeds of the transfer. Enter the tax identification
Unless the transaction is otherwise exempt from the
number or social security number for the nonresident
income tax withholding requirement, the person
transferor/seller and the social security number for the
responsible for closing must include with the deed or
spouse, if applicable. (Do NOT enter the tax identification
other instrument of transfer, a Form MW506NRS for each
number on Copy B of Form MW506NRS.) Enter the name
nonresident transferor/seller, when the deed or other
(or names, if husband and wife filing a joint return) of the
instrument of transfer is presented to the Clerk of the
Circuit Court for recordation.
(Rev. 06-10)
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