Form Mw506nrs - Return Of Income Tax Withholding For Nonresident Sale Of Real Property - 2011 Page 4
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4Maryland
Return of Income Tax Withholding for
2011
Form
Nonresident Sale of Real Property
MW506NRS
Comptroller of Maryland
Revenue Administration Division
Annapolis, Maryland 21411-0001
7. Transferor/Seller is:
1. Description and address of property transferred (include property account ID number)
An Individual/Estate/Trust
A Partnership
A Corporation
An S Corporation
A Business Trust
A Limited Liability Company
2. Date of transfer
3. Check box if the transferor/seller
8. Computation of Total Payment and Tax to be Withheld (See Instructions)
is reporting gain under the
$
a. Total sales price
________________________
installment method
b. Less selling expenses
_________________________
4. Transferor/Seller’s identification no.
5. Spouse’s SSN
c. Net sales price
________________________
(SSN or FEIN) (Enter only one number)
d. Less debts secured by mortgages or other
liens on the property
________________________
6. Transferor/Seller’s name (Enter only one name, unless husband and wife filing a joint
e. Total payment
________________________
return. If more than one transferor/seller, use separate forms for each)
f. Transferor/Seller’s ownership percentage
________________________
g. Transferor/Seller’s share of total payment
________________________
Street address
h. Enter h(1) or h(2) whichever applies
}
(1) If a business entity - 8.25%
(2) If an individual/estate/trust - 6.75%
________________________
i. Maryland Income Tax withheld
City, state, and ZIP code
(Multiply Line g by Line h)
$
(If certificate of partial exemption granted,
enter amount from Line 3 of the Form MW506E)
Copy D - For Issuer
COM/RAD-308 (Rev. 12/10)
INSTRUCTIONS FOR RETURN OF INCOME TAX WITHHOLDING FOR
NONRESIDENT SALE OF REAL PROPERTY (FORM MW506NRS)
What to file
THERE ARE FOUR COPIES OF FORM MW506NRS.
spouse, if applicable. (Do NOT enter the tax identification
Copies A and B of each Form MW506NRS must be filed
number on Copy B of Form MW506NRS.) Enter the name
General Instructions
with the deed or other instrument of transfer when
(or names, if husband and wife filing a joint return) of the
presented to the Clerk of the Circuit Court for
transferor/seller and the transferor/seller’s address. Do not
recordation. A separate check or money order in the
enter the street address of the property being transferred.
Purpose of Form
aggregate amount of the tax due for each nonresident
Form MW506NRS is designed to assure the regular and
transferor/seller with regard to a sale or transfer of real
Line 7. Check the appropriate box for the transferor/seller.
timely collection of Maryland income tax due from
property must be paid to the Clerk.
nonresident sellers of real property located within the
Line 8. If a Certificate of Partial Exemption is issued by the
State. This form is used to determine the amount of
Give Copy C to the transferor/seller at closing. The
Comptroller, do not complete lines 8a though 8h. Instead,
income tax withholding due on the sale of property
issuer retains Copy D.
enter the amount from Line 3 of the Form MW506E on Line 8i.
and provide for its collection at the time of the sale or
transfer.
Complete this section to determine the total payment
Specific Instructions
allocable to the transferor/seller that is subject to the income
Who must file Form MW506NRS
tax withholding requirements and the amount of tax required
If the transferor/seller is a nonresident individual or entity,
Line 1. Enter the street address for the property as
to be withheld. The total payment is computed by deducting
and is transferring an interest in real property located
listed with the State Department of Assessments and
from the total sales price (including the fair market value of
within the State of Maryland, unless the transaction
Taxation (SDAT). If the property does not have a street
any property or other nonmonetary consideration paid to or
is otherwise exempt from the income tax withholding
address, provide such descriptive information as is used
otherwise transferred to the transferor/seller) the amount of any
requirement, the person responsible for closing must
by SDAT to identify the property. Also include the SDAT
mortgages or other liens, the commission payable on account
file Form MW506NRS with the deed or other instrument
property account ID number for the parcel being
of the sale, and any other expenses due from the seller in
of transfer that will be filed with the Clerk of the Circuit
transferred. If the property is made up of more than one
connection with the sale.
Court for recordation. If there are multiple transferors/
parcel and has more than one account number, include
sellers, a separate form must be completed for each
all applicable account numbers.
Line f. If there are multiple owners, enter the percentage of
nonresident individual or nonresident entity subject to
ownership of the transferor/seller for whom this form is being
the withholding requirements. The separate form
Line 2. Enter the date of transfer. The date of transfer
filed.
requirement does not apply to a husband and wife
is the effective date of the deed as defined in §3-201 of
filing a joint Maryland income tax return.
the Real Property Article, Annotated Code of Maryland.
Line g. Multiply line e by line f to determine the transferor/
The effective date is the later of: (1) the date of the last
seller’s share of the total payment.
When to file Form MW506NRS
acknowledgement; or (2) the date stated in the deed.
Unless the transaction is otherwise exempt from the
Line h. Enter the applicable rate for the transferor/seller.
income tax withholding requirement, the person
Line 3. Check the box if the transferor/seller is reporting
responsible for closing must include with the deed or
the gain under the installment method.
Payment of Tax
other instrument of transfer, a Form MW506NRS for each
Make check or money order payable to the Clerk of the Circuit
nonresident transferor/seller, when the deed or other
Lines 4, 5 and 6. Unless transferors/sellers are husband
Court for the county or Baltimore City in which the deed or
instrument of transfer is presented to the Clerk of the
and wife and filing a joint Maryland income tax return, a
other instrument of transfer will be presented for recordation.
Circuit Court for recordation.
separate Form MW506NRS must be completed for each
transferor/seller that is entitled to receive any part of
the proceeds of the transfer. Enter the tax identification
number or social security number for the nonresident
transferor/seller and the social security number for the
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