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  • Form Rew-5 - Maine.gov - Maine

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FORM REW-5 MAINE REVENUE SERVICES INCOME/ESTATE TAX DIVISION - REW P.O. Box 1064 Augusta, ME 04332-1064 Tel. 207-626-8473 Fax 207-624-5062 Email: realestate.withholding maine.gov REQUEST FOR EXEMPTION.

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How to avoid capital gains tax on real estate Live in the house for at least two years. The two years don't need to be consecutive, but house-flippers should beware. ... See whether you qualify for an exception. ... Keep the receipts for your home improvements.

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.

Some individuals may be eligible for an exemption or reduction of the required REW payment. To apply for an exemption or reduction, use Form REW-5. This form must be submitted at least 5 business days prior to the closing. Forms not received timely may be denied an exemption or reduction.

Maine does not have a special capital gains tax rate and, due to the state's federal conformity tie-in provision, generally follows federal law concerning the following: the partial exclusion for sale of small business stock (IRC Sec. 1202);

Property Tax Stabilization for Senior Citizens, also known as the Property Tax Stabilization Program (the “Program”), is a State program that allows certain senior-citizen residents to stabilize, or freeze, the property taxes on their homestead.

= $ Single TaxpayerMarried Filing JointlyCapital Gain Tax Rate$0 – $44,625$0 – $89,2500%$44,626 – $200,000$89,251 – $250,00015%$200,001 – $492,300$250,001 – $553,85015%$492,301+$553,851+20% Jan 11, 2023

The buyer of the property will withhold and remit the Real Estate Withholding money to Maine Revenue Services using form REW-1. The amount to be withheld is equal to 2.5% of the sale price.

The State Property Tax Deferral Program is a lifeline loan program that can cover the annual property tax bills of Maine people who are ages 65 and older or are permanently disabled and who cannot afford to pay them on their own.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232