Get Form Rew-5

Filling out the Form REW-5 online is a straightforward process that allows users to request an exemption or reduction in the withholding of Maine income tax on the sale of real property. This guide will walk you through each section and field of the form, ensuring that you complete it accurately and efficiently.

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

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the applicant's last name and first name, along with the Social Security Number (SSN) or federal Employer Identification Number (EIN) as applicable.
3. If applicable, add the spouse’s last name, first name, and their SSN.
4. Fill in the mailing address, including number and street, city or town, state, and zip code.
5. Provide the applicant’s email address and daytime phone number.
6. If the applicant is a corporation required to file Form 1120ME, check the corresponding box.
7. Input the applicant's percentage of ownership. If this is less than 100%, complete line 1a with the names of all other sellers.
8. Fill in the buyer(s) names and the physical address of the property being sold.
9. Indicate the municipality/township where the property is located and the expected closing date.
10. Record the date of acquisition and check the box that describes the method of acquisition (purchase, inheritance, gift, or like-kind exchange).
11. Complete lines for the original purchase price, allowable closing costs, and capital improvements if applicable.
12. Calculate the adjusted basis by subtracting any allowable depreciation from the total calculated previously.
13. Fill in the total sales price and the estimated allowable current closing costs.
14. Calculate the amount realized by subtracting the allowable closing costs from the total sales price.
15. Determine the estimated gain or loss and how the sale will be reported on the applicant’s federal income tax return.
16. Affix the applicant's signature, printed name, and date, ensuring the form is fully completed.
17. Review all entered information for accuracy, then save changes, and download, print, or share the form as needed.

Complete your Form REW-5 online today to ensure your tax withholding is appropriately managed.