Wv Nrsr Form PDF Details

Engaging in the sale of real property in West Virginia presents a particular set of obligations for nonresident sellers, detailed quite comprehensively in the WV/NRSR Return of Income Tax Withholding for Nonresident Sale of Real Property. This form is a critical document, designed by the West Virginia State Tax Department, to ensure the appropriate collection of income tax from nonresidents at the time of property transfer. It outlines the precise information and computations needed to calculate the tax due, including the total sales price, allowable deductions for selling expenses and existing debts, and the seller's share of the net proceeds. The form caters to a wide range of transferor/seller entities, from individuals to various kinds of corporate structures, each with their designated reporting requirements. Additionally, it provides a structured approach to determining the tax withholding rate applicable to the transaction, offering a choice between a percentage of the gross payments or a rate applied to the estimated capital gain from the sale. For those affairs qualifying for reduced withholding, the document also accommodates the declaration of partial exemptions. Completion and submission of the form, especially under penalty of perjury by either the seller or a designated preparer, underscore its significance in the legal and financial landscape of property transactions within the state. The careful adherence to its stipulations ensures compliance with West Virginia's taxation laws, ultimately facilitating a smoother transition of property ownership and the transparent reporting of income for nonresident sellers.

QuestionAnswer
Form NameWv Nrsr Form
Form Length5 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 15 sec
Other nameswv tax real, how to wv nrsr, how to west virginia tax form property, wv return tax withholding

Form Preview Example

WV/NRSR

RetuRN of iNcome tax WithholdiNg foR

Rev. 09-12

NoNReSideNt Sale of Real pRopeRty

West Virginia

State Tax

Department

 

1. Property account ID Number:

 

 

 

 

 

2. Date of transfer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address and Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MM

DD

 

 

YYYY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Check if the transferor/seller is reporting gain

 

 

 

 

 

 

 

 

under the installment method.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Transferor/Seller’s Identiication number

 

CheCk one

5. Spouse’s SSN Number

 

 

7. Transferor/Seller is:

 

 

 

 

SSn

 

 

 

 

 

 

 

a. Individual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FeIn

 

 

 

 

 

 

 

b. Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITIn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c. Trust or Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6. Transferor/Seller’s name (Enter only one name, unless husband and wife are iling a joint return. If more

 

 

d. Business Trust

 

 

 

 

than one transferor/seller, use separate forms for each.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e. Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street Address including City, State and Zip Code

 

 

 

 

 

 

 

 

 

f. S Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g. Limited Liability Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h. Limited Liability Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8. Computation of total payment and tax to be withheld (see instructions)

 

 

 

 

 

 

 

 

 

 

a. Total sales price paid to transferor

 

 

 

 

 

 

a

 

 

 

●

 

b. Less selling expenses

 

 

 

 

 

 

b

 

 

 

●

 

c. Less debts secured by mortgages or other liens on the property

 

c

 

 

 

 

●

 

d. Net proceeds

 

 

 

 

 

 

d

 

 

 

●

 

e. Total payments (net proceeds paid to transferor)

 

 

e

 

 

 

●

 

f. Transferor/seller’s ownership percentage

 

 

 

 

 

 

f

%

 

 

 

g. Transferor/seller’s share of total payment (multiply line e by line f)

 

 

g

 

 

 

●

 

h. Enter applicable rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1) 2.5% of total payments, or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2) 6.5% of estimated capital gain $__________________

 

 

h

%

 

 

 

i. WV Income Tax withheld (multiply line g or amount of estimated capital gain by line h)

 

 

 

 

 

 

 

 

(If partial exemption granted, enter amount stated on Form WV/NRCE)

 

 

i

 

 

 

●

Under the 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.

Signature

Date

Make check or Money order payable to and Mail to:

 

West Virginia state tax departMent

 

tax account adMinistration diVision

 

po box 784

 

charleston, WV 25323-0784

*b56040801a*

copy a – File With the West Virginia state tax departMent

 

WV/NRSR

InstructIons for return of Income tax wIthholdIng

for nonresIdent sale of real property

here are three copies of From WV/NRSR

GeNeRal INStRuctIoNS

Purpose of form:

his form is designed to assure the regular and timely collection of wV income tax due from nonresident sellers of real property located within the state. his form is used to determine the amount of income tax withholding due on the sale of property and provide for its collection at the time of the sale or transfer.

Who must file:

If the transferor/seller is a nonresident individual or nonresident entity, and is transferring an interest in real property located within the state of wV, unless the transaction is otherwise exempt from the income tax withholding requirement, the person responsible for closing must ile form wV/nrsr with the wV state tax department. If there are multiple transferors/sellers, a separate form must be completed for each nonresident individual or nonresident entity subject to the withholding requirements. he separate form requirement does not apply to a husband and wife iling a joint wV income tax return.

a “nonresident entity” is deined to mean an entity that: (1) is not formed under the laws of wV, and (2) is not qualiied by or registered with the wV state tax department to do business in wV.

When to file:

unless the transaction is otherwise exempt from the income tax withholding requirement, the person responsible for closing must complete form wV/nrsr for each nonresident transferor/seller at closing of sale.

a nonresident individual or nonresident entity that sells real or personal property located in wV must ile a wV income tax return. he appropriate income tax return must be iled for the year in which the transfer of the real property occurred. he due date for each income tax return type can be found in the instructions to the speciic income tax return.

What to file:

copy a of form wV/nrsr must be submitted to the wV state tax department with check or money order in the aggregate amount of tax due for each nonresident transferor/seller with regard to a sale or transfer of real property within thirty (30) days of the date the amounts were withheld.

copy B of form wV/nrsr is to be provided to the transferor/seller at closing. nonresident individuals or nonresident entities must ile the appropriate wV income tax return for the year in which the transfer of the property occurred. see the speciic instructions for the tax return being iled.

copy c of form wV/nrsr is to be retained by the taxpayer.

SpecIfIc INStRuctIoNS foR completING the foRm:

lIne 1 enter the street address for the property as listed with the county assessor. If the property does not have a street address, provide such descriptive information as is used by the county assessor to identify the property. also include the property account Id number for the parcel being transferred. If the property is made up of more than one parcel and has more than one account number, include all applicable account numbers.

lINe 2 enter the date of transfer. he date of transfer is the efective date of the deed. he efective date is the later of: (1) the date of the last acknowledgement; or (2) the date stated in the deed.

lINe 3 check the box if the transferor/seller is reporting the gain under the installment method.

lINeS 4, 5, and 6 unless transferors/sellers are husband and wife and iling a joint wV income tax return, a separate form wV/ nrsr must be completed for each transferor/seller that is entitiled to receive any part of the proceeds of the transfer. enter the tax identiication number or social security number for the nonresident transferor/seller and the social security number for the spouse, if applicable. do not enter the street address of the property being transferred.

lINe 7 check the appropriate box for the transferor/seller.

lINe 8 If a certiicate of partial exemption is issued by the wV state tax commissioner, do not complete lines 8a through 8h. Instead, enter the amount stated on form wV/nrce.

complete this section to determine the total payment allocable to the transferor/seller that is subject to the income tax withholding requirements and the amount of tax required to be withheld. he total payment is computed by deducting from the total sales price including the fair market value of any property or other non- monetary consideration paid to or otherwise transferred to the transferor/seller the amount of any mortgages or other liens, the commission payable on account of the sale, and any other expenses due from the seller in connection with the sale.

lINe 8f If there are multiple owners, enter the percentage of ownership of the transferor/seller for whom this form is being iled.

lINe 8g multiply line 8e by line 8f to determine the transferor/ seller’s share of the total payment.

lINe 8h enter the applicable rate for the transferor/seller used for computing the withholding tax. If withholding tax is computed on 6.5%, enter the amount of the estimated capital gain on line h2.

lINe 8i enter the amount of tax withheld.

payment of tax: make check or money order payable to the wV state tax department.

signature: copy a of this return must be veriied and signed by the individual transferor/seller, an authorized person or oicer of a business entity, or the person responsible for closing.

SpecIfIc INStRuctIoNS foR tRaNSfeRoR/SelleR (copy B)

How to claim the tax withheld

a copy of form wV/nrsr (copy B) must be submitted with the appropriate wV Income tax return. failure to do so will result in

the disallowance of the credit claimed.

he manner in which the income tax withheld is claimed by the nonresident individual or nonresident entity depends on the type of wV income tax return you are required to ile. follow the speciic instructions below. claiming the income tax withheld on a line other than as described below may result in the withholding being denied.

Individuals and Revocable Living Trusts

nonresident individuals are required to ile a nonresident wV Income tax return (form wV/It-140). he income tax withheld and reported on line 8 of form wV/nrsr must be claimed as a withholding Income tax payment.

C corporations

c corporations are required to ile a wV combined corporation net Income/Business franchise tax return (form wV/cnf120).

he income tax withheld and reported on line 8 of form wV/nrsr must be claimed as a withholding income tax payment.

S corporations, Partnerships and Limited Liability Companies and Business Trusts

s corporation, partnerships and limited liability companies and business trusts that elect to be treated as pass-through entities must ile a wV Income/Business franchise tax return for s corporation and partnership return (wV/spf-100). he income tax withheld and reported of line 8 of form wV/nrsr must be claimed as a withholding income tax payment.

his tax, and any other tax paid with form wV/nrsr must be allocated to the nonresident shareholders, partners or members and reported on a modiied federal schedule K-1 or wV statement. all tax allocated to a nonresident shareholder, partner or member must be claimed as a nonresident tax paid by s corporations, or other unincorporated business entities.

Trusts and Estates

trustees of trusts and personal representatives of estates are required to ile a wV fiduciary Income tax return (form It-141). he income tax withheld and reported on line 8 of the from wV/nrsr must be claimed as a withholding tax payment.

WV/NRSR

RetuRN of iNcome tax WithholdiNg foR

Rev. 09-12

NoNReSideNt Sale of Real pRopeRty

West Virginia

State Tax

Department

 

1. Property account ID Number:

 

 

 

 

 

2. Date of transfer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address and Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MM

 

DD

 

 

YYYY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Check if the transferor/seller is reporting gain

 

 

 

 

 

 

 

 

under the installment method.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Transferor/Seller’s Identiication number

 

CheCk one

5. Spouse’s SSN Number

 

 

 

7. Transferor/Seller is:

 

 

 

 

SSn

 

 

 

 

 

 

 

 

 

a. Individual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FeIn

 

 

 

 

 

 

 

 

 

b. Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITIn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c. Trust or Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6. Transferor/Seller’s name (Enter only one name, unless husband and wife are iling a joint return. If more

 

 

d. Business Trust

 

 

 

 

than one transferor/seller, use separate forms for each.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e. Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street Address including City, State and Zip Code

 

 

 

 

 

 

 

 

 

 

 

f. S Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g. Limited Liability Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h. Limited Liability Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8. Computation of total payment and tax to be withheld (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

a. Total sales price paid to transferor

 

 

 

 

 

 

 

a

 

 

 

 

●

 

b. Less selling expenses

 

 

 

 

 

 

 

b

 

 

 

 

●

 

c. Less debts secured by mortgages or other liens on the property

 

c

 

 

 

 

 

 

●

 

d. Net proceeds

 

 

 

 

 

 

 

d

 

 

 

 

●

 

e. Total payments (net proceeds paid to transferor)

 

 

 

e

 

 

 

 

●

 

f. Transferor/seller’s ownership percentage

 

 

 

 

 

 

 

f

 

%

 

 

 

g. Transferor/seller’s share of total payment (multiply line e by line f)

 

 

 

g

 

 

 

 

●

 

h. Enter applicable rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1) 2.5% of total payments, or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2) 6.5% of estimated capital gain $__________________

 

 

 

h

 

%

 

 

 

i. WV Income Tax withheld (multiply line g or amount of estimated capital gain by line h)

 

 

 

 

 

 

 

 

 

 

(If partial exemption granted, enter amount stated on Form WV/NRCE)

 

 

 

i

 

 

 

 

●

copy b – For transFeror/seller(records copy)

WV/NRSR

RetuRN of iNcome tax WithholdiNg foR

Rev. 09-12

NoNReSideNt Sale of Real pRopeRty

West Virginia

State Tax

Department

 

1. Property account ID Number:

 

 

 

 

 

2. Date of transfer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Address and Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MM

 

DD

 

 

YYYY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Check if the transferor/seller is reporting gain

 

 

 

 

 

 

 

 

under the installment method.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4. Transferor/Seller’s Identiication number

 

CheCk one

5. Spouse’s SSN Number

 

 

 

7. Transferor/Seller is:

 

 

 

 

SSn

 

 

 

 

 

 

 

 

 

a. Individual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FeIn

 

 

 

 

 

 

 

 

 

b. Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITIn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c. Trust or Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6. Transferor/Seller’s name (Enter only one name, unless husband and wife are iling a joint return. If more

 

 

d. Business Trust

 

 

 

 

than one transferor/seller, use separate forms for each.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e. Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street Address including City, State and Zip Code

 

 

 

 

 

 

 

 

 

 

 

f. S Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g. Limited Liability Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h. Limited Liability Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8. Computation of total payment and tax to be withheld (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

a. Total sales price paid to transferor

 

 

 

 

 

 

 

a

 

 

 

 

●

 

b. Less selling expenses

 

 

 

 

 

 

 

b

 

 

 

 

●

 

c. Less debts secured by mortgages or other liens on the property

 

c

 

 

 

 

 

 

●

 

d. Net proceeds

 

 

 

 

 

 

 

d

 

 

 

 

●

 

e. Total payments (net proceeds paid to transferor)

 

 

 

e

 

 

 

 

●

 

f. Transferor/seller’s ownership percentage

 

 

 

 

 

 

 

f

 

%

 

 

 

g. Transferor/seller’s share of total payment (multiply line e by line f)

 

 

 

g

 

 

 

 

●

 

h. Enter applicable rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1) 2.5% of total payments, or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2) 6.5% of estimated capital gain $__________________

 

 

 

h

 

%

 

 

 

i. WV Income Tax withheld (multiply line g or amount of estimated capital gain by line h)

 

 

 

 

 

 

 

 

 

 

(If partial exemption granted, enter amount stated on Form WV/NRCE)

 

 

 

i

 

 

 

 

●

copy c – For issuer

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