Form Mw506r - Application For Tentative Refund Of Withholding On Sales Of Real Property By Nonresidents - 2011 Page 2
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1
2FORM
INSTRUCTIONS FOR PPLIC TION FOR TENT TIVE REFUND OF WITHHOLDING
2011
MW506R
ON S LES OF RE L PROPERTY BY NONRESIDENTS
The Comptroller’s decision to deny or grant in part a tentative refund is final and not subject to appeal.
GENER L INSTRUCTIONS
SPECIFIC INSTRUCTIONS
Line 4. Subtract the amount on line 3 from
the amount on line 2. However, if you are
THIS FORM IS OPTION L ND IS
reporting a gain under the installment
NOT REQUIRED TO BE FILED.
t the top of Form MW506R, enter the
method for federal income tax purposes,
tax year of the transferor/seller if other than a
attach a separate sheet that lists the pay-
calendar year.
IMPORT NT: If Form MW506R is filed, the
ments received during the tax year and the
transferor/seller must still file a Maryland
gross profit percentage. Multiply the amount
Enter the name, address and identifica-
income tax return (Form 500, 504 or 505)
of the payments by the gross profit percent-
tion number (social security number or feder-
after the end of the tax year, report the entire
age and enter the result on line 4.
al employer identification number) of the
income for the year (from all sources, includ-
transferor/seller applying for a refund of the
ing the transfer), and pay any additional tax
Line 4a. If there were multiple owners, enter
amount withheld. The name and identification
due on the income or request an additional
your percentage of ownership of the property.
number entered must be the same as the
refund.
If you were the only owner, enter 100%.
name and identification number entered for
the transferor/seller on the Form MW506NRS.
Purpose of Form
Line 4b. Multiply line 4 by line 4a to deter-
If the identification number on the
mine your share of the capital gain.
The income tax withheld at closing and
MW506NRS is incorrect, enter the correct
paid to the Clerk is claimed on the Maryland
identification number and attach an explana-
Line 5a. If you are a C corporation, or an
income tax return filed by transferor for the
tion to the form. If the transferor/seller was
entity that is taxed for federal purposes as a
tax year in which the transfer of the real
issued an individual taxpayer identification
C corporation, multiply the amount on line 4
property and associated personal property in
number (ITIN) by the IRS, enter the ITIN.
by 8.25% and enter this amount on line 5.
Maryland is sold. You may elect to receive a
refund of excess income tax withheld prior to
Enter the information describing the
Line 5b. If you are an individual, multiply the
filing the income tax return. Use Form
Maryland real property transaction.
amount on line 4 by 6.75% and enter this
MW506R to apply for a refund of the amount
amount on line 5.
of tax withheld on the sale or transfer of
Line a. Enter the date of the closing.
Maryland real property interests by a nonresi-
Line 6. Subtract the amount on line 5 from
dent individual or nonresident entity which is
Line b. Enter the Maryland property account
the amount on line 1. If an overpayment is
in excess of the transferor/seller’s tax liability
ID number assigned by the State Department
shown on line 6, the Revenue dministration
for the transaction. Form MW506R may be
of ssessments and Taxation, if known.
Division will refund any amount of $1.00 or
filed not less than 60 days after the date the
more.
tax withheld is paid to the Clerk of the Circuit
Line c. Enter the description of the property.
Court. Form MW506R may NOT be filed if
Include the street address, county, or district,
Signature(s)
the transfer occurs after November 1, 2011.
subdistrict, and lot numbers if no address is
ny Form MW506R that is filed for a transfer
available.
Form MW506R must be signed by an
occuring after November 1, 2011 will be
individual (both taxpayer and spouse, if filing
rejected.
Line d. Enter use of property at the time of
a joint income tax return), or a responsible
settlement and specify length of use.
officer of the company or corporation.
IMPORT NT: The tentative refund calcula-
tions is limited to the Schedule for
Check the box applicable to the type of tax-
Your signature(s) signifies that your appli-
Computation of Cost or Other Basis, without
payer.
cation, including all attachments, is, to the
regard to the federal exclusion for a principal
best of your knowledge and belief, true, cor-
residence.
Line 1. Enter the amount of tax withheld and
rect and complete, under the penalties of
reported on Line 8i of the Form MW506NRS.
perjury.
Who May File an pplication
photocopy of Copy C of the Form
MW506NRS must be attached to the Form.
n individual, fiduciary, or C corporation
If a power of attorney is necessary, com-
Retain the original Copy C with your tax
transferor/seller may file Form MW506R.
plete federal Form 2848 and attach to your
records.
pass-through entity transferor/seller may not
application.
file Form MW506R.
Line 2. Enter the gross sales price from the
Where to File
sale. ttach a copy of the HUD-1 closing
NOTE: Generally, any claim for refund or
statement from the sale of this property.
credit for overpayment of taxes must be filed
File the completed Form MW506R with
within three years from the date the return is
the:
Line 3. In general, the cost or adjusted basis
filed or within two years from the date the tax
is the cost of the property plus purchase
is paid, whichever is later.
Comptroller of Maryland
commissions and improvements, minus
Revenue dministration Division
depreciation (if applicable). Increase the cost
ttn: NRS Special Refunds
or other basis by any expense of sale, such
P.O. Box 2031
as commissions and state transfer taxes.
nnapolis, MD 21404-2031
Complete the Schedule for Computation of
Cost or Other Basis on the bottom of Form
dditional Information
MW506R and enter the amount from line d
on line 3. Purchase price and improvement
documentation is required.
For additional information visit
, e-mail
If the property was inherited, enter the value
nrshelp@comp.state.md.us or call
of the property at the date of death. This fig-
1-800-MDT XES (1-800-638-2937) or 410-
ure is generally obtained through a certified
260-7980 in Central Maryland.
appraisal done within 6 months of date of
death.
printout from the State Department
of ssessments and Taxation, from that time
frame, is also acceptable.
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