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The document is Form REW-5, a request for exemption or reduction in withholding of Maine income tax on the sale of Maine real property for the year 2025. It outlines the necessary information and steps for sellers, particularly nonresidents, to apply for a withholding certificate to reduce or eliminate tax withholding based on their capital gains. The form requires details about the applicant, property, acquisition method, and estimated financial figures related to the sale. It also includes instructions for filing and additional documentation requirements.

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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.

What is a form 540 tax refund?

California tax refunds If you overpaid your state income taxes throughout the year, filing Form 540 enables you to claim a refund for the excess amount. This form is necessary to initiate the process of receiving a refund from the state of California.

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.

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.

What is the form 5 for income tax?

The ITR-5 form is for entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), Artificial Juridical Persons (AJP), estates of deceased individuals, estates of insolvent persons, business trusts, and investment funds.

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).

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.

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