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 OR REDUCTION IN WITHHOLDING OF MAINE INCOME TAX ON THE DISPOSITION OF MAINE REAL PROPERTY TO BE COMPLETED BY SELLER A complete copy of this form a draft copy of the current Maine Real Estate Transfer Tax Declaration form and any supporting documentation must be submitted at least 5 business days prior to closing* No exemptions or reduced withholding certificates will be granted after the closing date. Documentation may be emailed or faxed* If documentation is mailed please allow an additional 2-3 weeks for processing* Applicant s seller s name Mailing address SSN or Fed* EIN Daytime phone no. E-mail address This request for a withholding rate reduction or exemption is submitted in accordance with 36 M. R*S* 5250-A 3 B 5250-A 4 which authorizes the State Tax Assessor to issue a certificat....
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How to fill out the ME MRS REW-5 online
Filling out the ME MRS REW-5 form online can be a straightforward process if you understand each section and the information required. This guide provides step-by-step instructions to ensure you complete the form accurately and efficiently.
Follow the steps to successfully complete the ME MRS REW-5 online.
- Click ‘Get Form’ button to download the form and open it in your preferred editor.
- Begin with the applicant’s name section at the top of the form. Enter the full legal names of all applicants, including any spouse's name if applicable.
- Fill in the mailing address for the applicant. Ensure this is the current address where the applicant can receive correspondence.
- Input the Social Security Number (SSN) or the federal Employer Identification Number (EIN) of the applicant. If a spouse’s SSN is needed, include it here.
- Provide the applicant’s daytime phone number, making sure it is a number where you can be reached during business hours.
- Enter the applicant's email address for any electronic communications regarding the form.
- Indicate the applicant's percentage of ownership in the property being sold.
- List the names of all sellers in line 1. If there are multiple sellers, ensure each is listed appropriately.
- In line 2, enter the names of the buyer(s). This should match what is stated in the Purchase and Sale Agreement.
- For line 3, provide the physical address of the property that is being sold. Include the map, block, lot, and sub-lot numbers if applicable.
- Enter the date the seller acquired the property in line 4. This is important for establishing the timeline of ownership.
- Indicate the method of acquisition of the property in line 5. Provide documentation as specified in the form instructions to support your method.
- Document the applicant's allowable closing costs from the original purchase in line 6, providing receipts if available.
- List any capital improvements made to the property in line 7, including the cost of each improvement.
- For line 8, provide the total gross sales price of the current pending sale without deducting any fees.
- In line 9, enter the estimated allowable current closing costs that the applicant expects from this transaction.
- If the property was used as a rental or for commercial purposes, document the length of time in line 10 and any accumulated depreciation.
- In line 11, indicate how the sale of real property will be reported on the seller’s federal income tax return.
- Ensure you read and understand the declaration under penalties of perjury before signing. Then, sign and date the form.
- If applicable, complete the Representative Information and Power of Attorney sections on page 2 for designating an individual to represent you.
- Once all information has been accurately completed, save the changes to the form. You can download, print, or share the completed form as necessary.
Complete your ME MRS REW-5 form online today to ensure timely submission and processing.
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