Form REW-1-1120 Real Estate Withholding Return for Transfer of Real Property - Maine

What Is Form REW-1-1120?

This is a legal form that was released by the Maine Department of Administrative and Financial Services - a government authority operating within Maine. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form REW-1-1120?A: Form REW-1-1120 is the Real Estate Withholding Return for Transfer of Real Property in Maine.

Q: Who needs to file Form REW-1-1120?A: Anyone who is transferring real property in Maine may need to file Form REW-1-1120.

Q: What is real estate withholding?A: Real estate withholding is a mechanism used to collect income tax on the gain from the sale or transfer of real property.

Q: Is Form REW-1-1120 the same as a regular income tax return?A: No, Form REW-1-1120 is specific to real estate withholding and is not a regular income tax return.

Q: When is Form REW-1-1120 due?A: The due date for Form REW-1-1120 varies depending on the specific circumstances of the real property transfer. It is important to consult the instructions or contact the Maine Revenue Services for the applicable due date.

Q: What information is required on Form REW-1-1120?A: Form REW-1-1120 requires information such as the seller's name, social security number or taxpayer identification number, property address, buyer's name, and the amount to be withheld.

Q: Are there any exceptions or exemptions to real estate withholding in Maine?A: Yes, there are certain exceptions and exemptions to real estate withholding in Maine. It is important to review the instructions or consult the Maine Revenue Services for specific guidance.

Q: What happens if I fail to file Form REW-1-1120?A: Failure to file Form REW-1-1120 or pay the required withholding amount may result in penalties and interest.