Form Rew-5 - Request For Exemption Or Reduction In Withholding Of Maine Income Tax On The Disposition Of Maine Real Property

ADVERTISEMENT

FORM REW-5
MAINE REVENUE SERVICES
INCOME/ESTATE TAX DIVISION - REW
P.O. Box 1064
Augusta, ME 04332-1064
Tel. 207-626-8473 Fax 207-624-5062
REQUEST FOR EXEMPTION OR REDUCTION IN WITHHOLDING OF MAINE INCOME TAX ON
THE DISPOSITION OF MAINE REAL PROPERTY
This form must be submitted and granted prior to closing. No exemptions or reduced withholding
certifi cates will be granted after the closing date.
Applicant (seller) name: _______________________________________________________________________________________
Mailing address ______________________________________________________________________________________________
SSN or Fed. EIN: ___________________________________ Daytime phone no. _________________________________________
This is a request for a withholding rate reduction/exemption, per the Internal Revenue Code as operative under 36 MRSA § 5250-A, or
the provision of any United States treaty because the State of Maine tax liability on this sale will be less than the withholding. The rate
of withholding is 2.5% of total consideration or, at the request of the seller, the State Tax Assessor may prescribe a reduced amount of
withholding, equal to the gain multiplied by 8.5%.
1.
Attach a draft copy of the current Maine Real Estate Transfer Tax Declaration. If this form is not attached, Maine Revenue
Services will be unable to process your request. Contact your real estate escrow person (usually your real estate agent, title
company or attorney) for assistance in acquiring this form.
2.
Date property acquired _____________ . Method of
3.
Estimated date of closing: __________________________
acquisition (purchase, gift, inheritance other/explain)
__________________________________________
5.
List all uses of property during your ownership: (i.e., principal
residence, rental, commercial, vacation home, etc.) _____
4.
Total sales price of pending sale:
If rental/commercial use during your ownership, length of time:
$ ___________________________
years _____________ months ___________
6.*
Explain your gain/loss for this property for the year of sale, including an explanation of your adjusted basis computation per
IRS rules. ___________________________________________________________________________________________
___________________________________________________________________________________________________
7.
Which IRS rule do you intend to follow to report the sale of property (i.e., exclusion of capital gain on principal residence,
like kind exchange, installment sale, etc.) __________________________________________________________________
___________________________________________________________________________________________________
7A.
How do you qualify for this rule (list the highlights of this rule and how they relate to your sale). ______________________
___________________________________________________________________________________________________
___________________________________________________________________________________________________
8.
Attach copies of supporting documentation (i.e., proof of purchase price, notarized affi davit of intent to follow a nonrecogni-
tion of gain rule, etc.).
* Consult the Internal Revenue Service or your tax preparer for assistance in completing lines 6 through 7A. Complete lines 7 and 7A
only if you have a gain on line 6 and intend to follow a nonrecognition of gain rule or qualify to reduce this gain for the year of sale
per the Internal Revenue Code. Call this offi ce for assistance in completing this form.
Under penalties of perjury, I declare that I have examined this application and attached schedules and statements, and to the best of my
knowledge and belief they are true, correct and complete. You must have power of attorney to sign this form if you are not the applicant.
Do not forward the power of attorney to this offi ce.
Signed: ___________________________________________
Title: ___________________________________
Print name: ________________________________________
Date: ___________________________________
Rev. 08/11

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Form Rew-5 - Request For Exemption Or Reduction In Withholding Of Maine Income Tax On The Disposition Of Maine Real Property Form Rew-5 - Request For Exemption Or Reduction In Withholding Of Maine Income Tax On The Disposition Of Maine Real Property Financial
Da Form 3161-1 Request For Issue Or Turn-in (continuation Sheet) - Apd Da Form 3161-1 Request For Issue Or Turn-in (continuation Sheet) - Apd Business
Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property - 2013 Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property - 2013 Financial
Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Financial
Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Financial
Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Form N-289 - Certification For Exemption From The Withholding Of Tax On The Disposition Of Hawaii Real Property Financial
Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 2005 Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 2005 Financial
Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 2007 Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 2007 Financial
Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 1994 Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns - 1994 Financial
Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns Form C-8007 - Request For Consolidated Or Combined Filing Of Single Business Tax Returns Financial

Related Categories

Parent category: Financial
Download
Go