MARYLAND'S

MARYLAND'S WITHHOLDING REQUIREMENTS for Sales or Transfers of Real Property and Associated Personal Property by Nonresidents Revised 10/19 2 MARY LAND S WITHHOLDING REQUIREMENTS for Sales or Transfers of Real Property and Associated Personal Property by Nonresidents Table of Contents Introduction .. 3 Our Most Frequently Asked Questions .. 5 Frequently Asked Questions .. 7 Helpful Links .. 11 3 Introduction In 2003, the General Assembly enacted Section 10-912 of the Tax-General Article, Annotated Code of Maryland, which provides for income tax withholding on sales or transfers of real property and associated tangible personal property in Maryland by nonresident individuals and nonresident entities. This law went into effect on October 1, 2003. There were subsequent amendments to the law in 2004 and 2007. In a sale or transfer of real property and associated tangible personal property in Maryland owned by a nonresident individual or a nonresident entity, the deed or other instrument of transfer may not be recorded with the Clerk of the circuit court for a county (Clerk) or filed with the Department of Assessments and Taxation (Department) unless payment is made to the Clerk or Department in an amount equal to perc

The transferor mustfile a Maryland income tax return for the tax year in which the sale or transfer of the real property occurred to report the gain or loss on the sale and will claim the withholding payment made with Form MW506NRS. If the amount paid to the Clerk or Department is in excess of the income tax due on the sale or transfer ...

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