Form Ri - 71.3 - Election To Have Withholding Based On Gain
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2RHODE ISLAND DIVISION OF TAXATION
NON-RESIDENT SELLER OF REAL ESTATE
ELECTION TO HAVE WITHHOLDING BASED ON GAIN
TAX YEAR OF SALE:
SELLER # 1
SELLER # 2
Name
Name
Address
Address
SS# or FEI #
SS# or FEI #
Phone#
Phone#
IF MULTIPLE SELLERS, PLEASE COMPLETE MULTIPLE SELLER PORTION OF CERTIFICATE.
If husband and wife own property jointly and will file a joint income tax return, check here ( ) and
both sign on bottom of back page. If husband and wife own property jointly and will not file a joint
income tax return, treat as separate/multiple sellers.
Expected closing date:
IN THE EVENT OF MULTIPLE SELLERS, ALL SELLERS MUST ELECT THE
GAIN METHOD OR THE NET PROCEEDS METHOD WILL BE USED
ELECTION FOR WITHHOLDING BASED ON GAIN
I (we) the prospective seller(s) of property located at
(street address)
in the City/Town of
, Rhode Island and further designated as
in the land records of said city/town, hereby elect to have the withholding
(plat # and lot #)
required under R.I.G.L. 44-30-71.3 based on my (our) estimated gain rather than on net proceeds. I (we) hereby request that
the Rhode Island Division of Taxation approve my (our) estimated withholding computation and forward to me (us) or to
another designated person, a certificate of withholding due prior to the closing date above. I (we) understand the failure to
make this election by filing this form with the Division of Taxation at least 20 days prior to the expected closing date will result
in withholding based on net proceeds at the time of the sale. I (we) understand that this election is binding and will result in
an amount based on estimated gain to be withheld at the closing in lieu of withholding calculated on net proceeds.
CALCULATIONS:
1. Gross sales price (real estate and personal property)
$
2. Less expenses of sale
$
3. Net sales price
$
4. Less cost or other basis
$
5. Gain (Loss).
$
If a gain, and all is recognizable, enter here and on line 7 below.
If a loss, stop here, sign and send in for certificate of no withholding due.
6. If some part of the gain is not taxable or tax deferred (e.g. installment sale);
or if all the gain is not taxed for federal income tax purposes, complete the
$
applicable section on page 2 and enter the unrecognized gain here
7. Gain subject to Withholding (line 5 less line 6)
$
8. Withholding Rate:
%
6% if seller is an individual, estate or trust
9% if seller is a corporation
9. Withholding Amount Due (multiply line 7 by line 8)
$
RI - 71.3 Election
see reverse side for signature line
Rev. 12/14/2009
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