Homeforsales 2021-maryland-withholding-forms2021 Maryland Withholding Forms Real Estate-2025

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Capital gains exemption Under current tax framework, a typical owner, who has lived in his house for at least 2 years out of the last 5 years, will pay nothing in capital gain taxes if he sells his house.
In Maryland, you can expect to pay these costs when you sell your home: Transfer taxes (state) : . 5% of purchase price, or . 25% for qualified first-time home buyers. Transfer taxes (county): none - 1.5% (see individual county tax rates) Title fees: . 6% Realtor commissions: up to 6% (3% for each agent)*
Use Form MW506AE to apply for a Certificate of Full or Partial Exemption from the withholding requirements on the proceeds of the sale of real property and associated personal property in Maryland by nonresident individuals and nonresident entities.
The Maryland Withholding Tax is actually not a sales tax or a transfer tax. It is simply to withhold funds from the sale of real estate to protect Marylands potential share of state income tax due from those out of state people/companies making a profit on the sale of their Maryland real estate.
Form MW506NRS is designed to assure the regular and timely collection of Maryland income tax due from nonresident sellers of real property located within the State.
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You must have lived in that property for two of the past five years, filing Maryland resident returns from that address, and your capital gain must be under $250,000 if a single individual selling the property, or $500,000 if a married couple.
The withholding is 3 1/3% (. 0333) of the down payment during escrow. Buyers/Transferees are required to withhold on the principal portion of all payments made following the close of the real estate transaction unless an approval letter for the elect-out method is received.