Form Mw506nrs - Maryland Return Of Income Tax Withholding For Nonresident Sale Of Real Property - 2014 Page 3

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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
City, state and ZIP code
exemption granted, enter amount from
$
Line 3 of the Form MW506E)
Copy C - For Transferor/Seller (Records Copy).
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
Maryland income tax return you are required
Trusts and Estates
MW506NRS.
to file. Follow the specific instructions below.
Trustees of trusts and personal representatives
Claiming the income tax withheld on a line
General Instructions
of estates are required to file a Maryland
other than as described below may result in the
Fiduciary Income Tax Return (Form 504). The
withholding being denied.
Purpose of Form
income tax withheld and reported on Line 8 of
Individuals and Revocable Living Trusts
the Form MW506NRS must be claimed as an
Form MW506NRS is designed to assure the
estimated tax payment.
regular and timely collection of Maryland
Nonresident individuals are required to file a
income tax due from nonresident sellers of real
Nonresident Maryland Income Tax Return (Form
property located within the State. This form is
505). The income tax withheld and reported on
used to determine the amount of income tax
Line 8 of the Form MW506NRS must be claimed
withholding due on the sale of property and
as an estimated income tax payment.
provide for its collection at the time of the sale
or transfer.
C Corporations
Who must file
C corporations are required to file a Maryland
Corporation Income Tax Return (Form 500). The
A nonresident individual or nonresident entity
income tax withheld and reported on Line 8 of
that sells real property located in Maryland
the Form MW506NRS must be claimed as an
must file a Maryland income tax return. The
estimated income tax payment.
appropriate income tax return must be filed
for the year in which the transfer of the real
S Corporations, Partnerships and Limited
property occurred. The due date for each income
Liability Companies and Business Trusts
tax return type can be found in the instructions
S corporations, partnerships and limited liability
to the specific income tax return.
companies and business trusts that elect to
What to file
be treated as pass-through entities must file
a Maryland Pass-Through Entity Income Tax
The nonresident individual or nonresident entity
Return (Form 510). The income tax withheld
must file the appropriate Maryland income tax
and reported on Line 8 of the Form MW506NRS
return for the year in which the transfer of the
must be claimed as an estimated income tax
property occurred. Do NOT submit Copy C of
payment.
the Form MW506NRS with the return filed with
the Comptroller of Maryland. See the specific
This tax, and any other tax paid with the Form
instructions for the tax return being filed.
510 must be allocated to the nonresident
shareholders,
partners
or
members
and
Specific Instructions for Transferor/Seller
reported on a modified federal Schedule K-1
or Maryland statement. All tax allocated to a
How to claim the tax withheld
nonresident shareholder, partner or member
The manner in which the income tax withheld
must be claimed as a nonresident tax paid by S
is claimed by the nonresident individual or
corporations, or other unincorporated business
nonresident entity depends on the type of
entities.
COM/RAD-308
14-49

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