Form REW-1-1120 Real Estate Withholding Return for Transfer of Real Property by Sellers That Are Corporations - 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 by Sellers That Are Corporations.

Q: Who needs to file Form REW-1-1120?A: Corporations that are selling real property in Maine need to file Form REW-1-1120.

Q: What is the purpose of Form REW-1-1120?A: The purpose of Form REW-1-1120 is to report and remit the real estate withholding tax on the transfer of real property by corporate sellers.

Q: How do I file Form REW-1-1120?A: Form REW-1-1120 can be filed electronically or by mail to the Maine Revenue Services.

Q: What is real estate withholding tax?A: Real estate withholding tax is a tax imposed on the transfer of real property by non-resident sellers. The buyer is required to withhold a certain percentage of the sales price and remit it to the tax authorities.

Q: What are the consequences of not filing Form REW-1-1120?A: Failure to file Form REW-1-1120 or pay the required withholding tax may result in penalties and interest charges.

Q: Are there any exemptions from real estate withholding tax?A: Yes, there are certain exemptions available, such as transfers between spouses or transfers of property owned by a government entity. These exemptions should be indicated on the Form REW-1-1120.