Rew 1 maine 2025

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The document is the Maine Real Estate Withholding Return Form REW-1-1040, which is required for buyers to report and withhold state income tax when acquiring real property from nonresidents of Maine. It outlines the necessary information to be provided by the seller and buyer, including personal details, transfer date, total consideration, and withholding amounts. The form must be submitted within 30 days of the property transfer along with payment to Maine Revenue Services. Specific instructions for completing the form and exceptions to withholding requirements are also included.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How much do I have to pay on taxes if I sell my house?

It depends on how long you owned and lived in the home before the sale and how much profit you made. If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000.

What is the 183 day rule in Maine?

If you are domiciled in another state, but maintain a permanent place of abode in Maine for the entire tax year, and spend more than 183 days in Maine, you are a resident of Maine for income tax purposes.

Does Maine have an estate tax or inheritance tax?

For decedents dying on or after January 1, 2013, Maine imposes a tax on estates based on the value of the Maine taxable estate, even if there is no federal estate tax.

What is the REW tax in Maine?

The amount to be withheld is equal to 2.5% of the sale price. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000).

Do I have to pay taxes when I sell my house in Maine?

Short-Term And Long-Term Capital Gains Tax Maine If you have owned a Maine property for a year or less before closing the deal, the home sale profit will incur a short-term Capital Gains Tax amount.

Do I have to pay taxes on the sale of my home in Maine?

Note: Federally taxable gains on the sale of Maine real property are taxable by Maine, even if the total consideration is less than $100,000.

How much is the real estate transfer tax in Maine?

Maine deed transfer tax rate The tax rate is $2.20 per $500 or a fractional part of $500 of the propertys value being transferred. The tax is levied at 1/2 on the grantor and 1/2 on the grantee.

At what age do you stop paying property taxes in Maine?

To be eligible for the program, you must be at least 65 years old or unable to work due to a disability. In addition, all owners must have combined liquid assets of less than $75,000 ($50,000 if a single owner) and combined income of less than $40,000.

Rew 1 maine 2025

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