Get 2023 Form Rew-5 - Maine.gov

Filling out the 2023 Form REW-5 is essential for those seeking an exemption or reduction in withholding of Maine income tax on the disposition of Maine real property. This guide provides a step-by-step approach to assist you in completing the form accurately and efficiently.

Follow the steps to successfully complete your Form REW-5 online.

1. Click the 'Get Form' button to access the form and open it in your preferred editor.
2. Enter the applicant’s name in the designated field. If applicable, include the name of your partner.
3. Fill in the mailing address where you can receive correspondence regarding this form.
4. Provide the social security number (SSN) or federal employer identification number (EIN) for the applicant.
5. Input the daytime phone number and email address for the applicant to ensure contactability.
6. Enter the applicant’s percentage of ownership as specified in the instructions.
7. List the names of all sellers involved in the transaction.
8. Include the names of the buyer(s) that are listed in the Purchase and Sale Agreement.
9. Fill in the physical address of the property to be sold, along with the municipality or township name.
10. Provide the date when the seller acquired the property.
11. Select the method by which the property was acquired (purchase, inherited, gift).
12. Input the allowable closing costs associated with the original purchase of the property.
13. List any capital improvements made to the property, along with the associated costs.
14. Enter the total sales price of the property and the closing date of the pending sale.
15. approximate the allowable closing costs for the current sale of the property.
16. If the property was rented or used for commercial purposes, indicate the duration of this usage and any related depreciation.
17. Indicate how the sale will be reported on the seller's federal income tax return.
18. Sign and date the form to certify the accuracy of all provided information. If applicable, include a power of attorney authorization if signing on behalf of another.
19. Review the completed form for any errors or missing information.
20. Save any changes made to the form, then download, print, or share it as needed.

Complete your Form REW-5 online today for a streamlined submission process.