Form Mw506nrs - Maryland Return Of Income Tax Withholding For Nonresident Sale Of Real Property - 2014

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2014

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 husband and wife filing

f. Transferor/Seller’s ownership percentage

____________

a 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%

____________

i. Maryland Income Tax withheld (Multiply

Line g by Line h) (If certificate of partial

exemption granted, enter amount from

City, state and ZIP code

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

Preparer’s Name __________________________________________

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 Phone Number ___________________________________

Signature

Date

Copy A - For Comptroller of Maryland, Revenue Administration Division. (File with Clerk of the Circuit Court)

COM/RAD-308

14-49

INSTRUCTIONS FOR RETURN OF INCOME TAX WITHHOLDING FOR NONRESIDENT SALE OF REAL PROPERTY

(FORM MW506NRS)

THERE ARE FOUR COPIES OF FORM

What to file

Do not enter the street address of the property being

MW506NRS.

transferred.

Copies A and B of each Form MW506NRS must be

General Instructions

filed with the deed or other instrument of transfer

Line 7.

Check

the

appropriate

box

for

the

when presented to the Clerk of the Circuit Court

transferor/seller.

Purpose of Form

for recordation. A separate check or money order

Line 8.

If a Certificate of Partial Exemption is

Form MW506NRS is designed to assure the regular

in the aggregate amount of the tax due for each

issued by the Comptroller, do not complete lines 8a

and timely collection of Maryland income tax due

nonresident transferor/seller with regard to a sale or

though 8h. Instead, enter the amount from Line 3 of

from nonresident sellers of real property located

transfer of real property must be paid to the Clerk.

the Form MW506E on Line 8i.

within the State. This form is used to determine the

Give Copy C to the transferor/seller at closing. The

amount of income tax withholding due on the sale of

Complete

this

section

determine

the

total

issuer retains Copy D.

property and provide for its collection at the time of

payment allocable to the transferor/seller that is

the sale or transfer.

Specific Instructions

subject to the income tax withholding requirements

and the amount of tax required to be withheld. The

Who must file Form MW506NRS

Line 1.

Enter the street address for the property

total payment is computed by deducting from the

as listed with the State Department of Assessments

If the transferor/seller is a nonresident individual or

total sales price (including the fair market value of

and Taxation (SDAT). If the property does not have a

nonresident entity, and is transferring an interest in

any property or other nonmonetary consideration

street address, provide such descriptive information

real property located within the State of Maryland,

paid to or otherwise transferred to the transferor/

as is used by SDAT to identify the property. Also

unless the transaction is otherwise exempt from

seller) the amount of any mortgages or other liens,

include the SDAT property account ID number for

the income tax withholding requirement, the person

the commission payable on account of the sale, and

the parcel being transferred. If the property is made

responsible for closing must file Form MW506NRS

any other expenses due from the seller in connection

up of more than one parcel and has more than

with the deed or other instrument of transfer that

with the sale.

one account number, include all applicable account

will be filed with the Clerk of the Circuit Court for

numbers.

Line f.

If there are multiple owners, enter the

recordation.

there

are

multiple

transferors/

percentage of ownership of the transferor/

sellers, a separate form must be completed for each

Line 2.

Enter the date of transfer. The date of

seller for whom this form is being filed.

nonresident individual or nonresident entity subject

transfer is the effective date of the deed as defined in

to the withholding requirements. The separate form

§3-201 of the Real Property Article, Annotated Code

Line g. Multiply line e by line f to determine

requirement does not apply to a husband and wife

of Maryland. The effective date is the later of: (1) the

the transferor/seller’s share of the total

filing a joint Maryland income tax return.

date of the last acknowledgement; or (2) the date

payment.

stated in the deed.

A “nonresident entity” is defined to mean an entity

Line h. Enter the applicable rate for the transferor/

that: (1) is not formed under the laws of Maryland

Line 3.

Check the box if the transferor/seller is

seller.

more than 90 days before the date of sale of the

reporting the gain under the installment method.

Payment of Tax

property, and (2) is not qualified by or registered

Lines 4, 5 and 6.

Unless transferors/sellers are

Make check or money order payable to the Clerk of

with the Department of Assessments and Taxation

husband and wife and filing a joint Maryland income

the Circuit Court for the county or Baltimore City in

to do business in Maryland more than 90 days before

tax return, a separate Form MW506NRS must be

which the deed or other instrument of transfer will be

the date of sale of the property.

completed for each transferor/seller that is entitled

presented for recordation.

When to file Form MW506NRS

to receive any part of the proceeds of the transfer.

Signature

Enter the tax identification number or social security

Unless the transaction is otherwise exempt from

Copy A of this return must be verified and signed

number for the nonresident transferor/seller and the

the income tax withholding requirement, the person

by the individual transferor/seller, an authorized

social security number for the spouse, if applicable.

responsible for closing must include with the deed or

person or officer of a business entity or the person

(Do NOT enter the tax identification number on Copy

other instrument of transfer, a Form MW506NRS for

responsible for closing.

B of Form MW506NRS.) Enter the name (or names,

each nonresident transferor/seller, when the deed or

if husband and wife filing a joint return) of the

other instrument of transfer is presented to the Clerk

transferor/seller and the transferor/seller’s address.

of the Circuit Court for recordation.

COM/RAD-308

14-49

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