Washington State Form 17 Withholding In Arizona

State:
Multi-State
Control #:
US-00056DR
Format:
Word; 
Rich Text
Instant download

Description

The Washington State Form 17 Withholding in Arizona serves as a crucial document for facilitating the withholding of state income tax for non-resident sellers of real estate. This form ensures that taxes owed to Washington State are appropriately withheld during property transactions in Arizona. Key features include clear instructions for completion, the need for accurate property details, and a designated area for the seller's information. Users must ensure that the withholding amount aligns with the sale price, with specific percentages outlined based on the transaction type. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form useful to safeguard compliance with tax obligations, as it mitigates the risk of state tax violations. Filling and editing instructions emphasize the importance of accuracy to avoid complications during the closing process. Overall, the form is essential for those involved in real estate transactions between these two states, providing legal clarity and protection for all parties involved.

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FAQ

Transfers Between Related Parties Family transactions are frequently exempt, including: Transfers between co-owners. Sales or gifts to spouses or direct family members (e.g., parent to child). Transfers resulting from divorce settlements or property divisions.

Washington State requires sellers of residential real property to thoroughly disclose material facts on a form called the Residential Real Property Disclosure Statement (often referred to as Form 17).

The buyer typically receives a Seller's Disclosure Statement as part of closing. Once your offer is accepted, you have a few days to review the information the seller disclosed.

Sellers may be required to disclose a list of all of the major repairs made in various areas of the property. Buyers will want to know of any past problems. They'll want to know if an issue's been fixed and how it was fixed, if it requires ongoing maintenance or if it has the potential to cause problems in the future.

Sellers must fill out either an unimproved or improved residential real estate disclosure form, which covers various topics about the property's condition. This comprehensive form asks about the state of the home's electrical, plumbing, heating and other systems.

Sellers must complete a Transfer Disclosure Statement (TDS), in which they disclose known defects and other pertinent information about the property. Failure to disclose these material facts can lead to legal liability.

The state does not require disclosure of any deaths, including murders or suicide. Do you have to report a death in your home while selling real estate in Washington? Washington state does not require disclosure of death on a property.

This form, called the Risk Assessment Report for Broker-Dealers, consists of six pages relating to the broker's business activities and their risk profile. This SEC form requires broker-dealers to file the form as per Rules 17h-1T and Rule 17h-2T of the Securities and Exchange Act of 1934.

Withholding percentage options. Keep in mind for tax year 2023 and beyond, the tax rate for Arizona taxable income is 2.5%.

The employee can submit a Form A-4 for a minimum withholding of 0.8% of the amount withheld for state income tax. An employee required to have 0.8% deducted may elect to increase this rate to 1.3%, 1.8%, 2.7%, 3.6%, 4.2%, or 5.1% by submitting a Form A-4.

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Washington State Form 17 Withholding In Arizona