Form Rew 1 1040 is an updated form for the 2017 tax season. This form replaces the old Form 1040, and it is designed to make filing your taxes simpler and more efficient. The new form includes updated information and instructions, so be sure to use it when preparing your return. You can find a copy of the form on the IRS website, or you can pick one up at your local IRS office. Be sure to submit your completed form by April 17th!
Question | Answer |
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Form Name | Form Rew 1 1040 |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | maine rew forms, MAINE, rew 1040 form, REW-1-1120 |
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REAL ESTATE WITHHOLDING RETURN |
99 |
2013 |
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FOR TRANSFER OF REAL PROPERTY |
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*1201401* |
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For sellers who are individuals or sole proprietors |
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TO BE COMPLETED BY THE BUYER OR OTHER TRANSFEREE REQUIRED TO WITHHOLD
For MULTIPLE SELLERS, complete a separate Form
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Use Form |
Check here if |
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installment sale |
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Name of seller subject to withholding. |
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Seller’s Last Name |
First Name |
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M.I. |
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Spouse’s Last Name (if fi ling jointly) |
Spouse’s First Name |
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M.I. |
3. Enter the social security number(s) of the seller and the seller’s spouse.
Spouse
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Number and street |
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City |
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State |
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ZIP Code |
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5. Seller’s daytime telephone number: |
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6. |
Date of transfer |
7. Total consideration |
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8. Percentage of total gross |
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$ |
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proceeds received by this |
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.00 |
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seller |
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% |
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9. |
Physical location and use of property |
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10. Date property acquired by seller |
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11. |
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Rate of withholding |
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12. Amount withheld for this seller: |
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, |
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a. 2.5% of sales price |
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$ |
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.00 |
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b. Less than 2.5% - attach withholding certificate |
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(Enter certifi cate number: |
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) |
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DO NOT SEND CASH - Make check payable to: Treasurer, State of Maine. |
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Write seller’s social security number |
on the check. |
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13. Name of buyer (Withholding agent or other transferee) |
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14. Address of buyer/withholding agent |
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Number and street |
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15. Social security number/federal ID number of withholding agent |
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City |
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State |
ZIP Code |
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Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct and complete.
Signature of buyer |
Date |
Signature of buyer’s spouse if property held jointly |
Date |
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Signature of real estate escrow person |
Date |
Real estate escrow person’s EIN or social security number |
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Real estate escrow person’s daytime phone number |
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Real estate escrow person’s address |
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NOTE: Payments received by Maine Revenue Services will not be refunded prior to fi ling of the taxpayer’s Maine income tax return.
(Any claim for refund of an overpayment of this withholding must be fi led within three years from the time the return was fi led or three years from the time the tax was paid, whichever expires later.)
Mail this form and check to: Maine Revenue Services, Income/Estate Tax Division - REW, P.O. Box 9101, Augusta, ME
Overnight delivery address: Maine Revenue Services, Income/Estate Tax Division - REW, 51 Commerce Drive, Augusta, ME 04330
Telephone: |
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realestate.withholding@maine.gov |
Rev. 10/12 |
GENERAL INSTRUCTIONS
PURPOSE OF FORM: 36 M.R.S.A. §
WHO MUST FILE: A buyer (individual, firm, partnership, association, society, club, corporation, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit) of a Maine real property interest who is required to withhold tax must file the applicable
If there are multiple sellers, complete a separate
EXCEPTIONS: The buyer is not required to withhold or file this return if any of the following applies:
a.The seller furnishes to the buyer written certification stating, under penalty of perjury, that as of the date of transfer the seller is a resident of Maine;
b.The seller or the buyer has received from the state tax assessor a certificate of waiver stating that no tax is due on the gain from the transfer or that the seller has provided adequate security to cover the liability;
c.The consideration for the property is less than $50,000; or,
d.Written notification of the withholding requirements has not been provided to the buyer. The real estate escrow person is liable for the withholding tax unless it is shown that the failure to notify is due to reasonable cause.
WITHHOLDING CERTIFICATE ISSUED BY THE STATE TAX ASSESSOR: A withholding certificate may be issued by the state tax assessor to reduce or eliminate withholding on transfers of Maine real property interests by nonresidents. The certificate may be issued if:
1.No tax is due on the gain from the transfer; or,
2.Reduced withholding is appropriate because the 2.5% amount exceeds the seller’s maximum tax liability.
If one of the above is applicable, apply for the certificate no later than fi ve business days prior to closing.
WHEN TO FILE: A buyer must report and remit the tax withheld to Maine Revenue Services within 30 days of the date of transfer of the property.
WHERE TO FILE: Send Form
to: Maine Revenue Services, Income/Estate Tax Division - REW, P.O. Box 9101, Augusta, ME
SPECIFIC INSTRUCTIONS
Block 2. Enter the name of the seller and the seller’s spouse.
Block 3. Enter the social security number(s) of the seller and the seller’s spouse.
Block 4. Enter the address of the seller and the seller’s spouse. Block 5. Enter seller’s daytime telephone number.
Block 6. Enter the date of this transfer.
Block 7. Enter the total consideration (see 36 MRSA § 5250- A(1)(A) for definition).
Block 8. Enter the percentage of total proceeds received by this seller.
Block 9. Enter the location of the property, including town and street address. Specify use before the transfer, such as principal residence, vacation home, condominium, rental property, commercial, or vacant land.
Block 10. Enter the date the property was acquired by the seller.
Block 11. Check the appropriate space to indicate the amount withheld. If the parties obtained a withholding certificate from the state tax assessor authorizing a reduced rate of withholding, enter the certificate number and attach a copy of the certifi cate to this return.
Block 12. Enter the dollar amount withheld for the seller in block 2.
Block 13. Enter the name of the withholding agent (buyer). Block 14. Enter the address of the withholding agent (buyer).
Block 15. Enter the social security number or federal ID number of the withholding agent (buyer).
Seller’s Filing Requirement. Generally, a seller who is a nonresident individual must fi le a Maine income tax return for the tax year during which the sale of the Maine property occurred. A return is not required if the capital gain from the sale, combined with other