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Video instructions and help with filling out and completing W-8eci rental income
Hello this is Deirdre browning Sullivan AG or Maryland DC and Virginia and today we're going to talk about Maryland transactions where the seller is a non-resident in state of Maryland if your seller is a non-resident we're the title company required to take additional tax withholdings and send it to the state of Maryland if the seller is an individual we are required to take 7.5% of the proceeds and send it to Maryland if the seller is an entity in LLC or corporation we are required to take 8.25% of the proceeds and send it to the state of Maryland there are some exceptions some of the bigger exceptions are if for example your entity has registered in the state of Maryland to do business more than 90 days before the sell then we do not need to take that withholding if your individual there is a form you can fill out and send to the office of tax in revenue and some of the major exceptions on that form that you may be able to qualify for is maybe you're selling the plopping you're not getting any proceeds back there's zero you need to come to the table with money well and we'll say that and we don't need to take the withholding or maybe you lived in the property or principal residence you moved out recently purchase another property and now you're selling this one and in that case you would just need to show Merlin that you actually had lived in the property into principal residence for two of the last five years you actually paid personal property taxes there at using that address once you fill this exception form out and send it to the office of tax and revenue there's a space in there where you can writing your title company and they will actually send us a certificate showing that we no longer are required to withhold the funds one of the questions that comes up more recently or often is what if there's two owners one of the resident was a non-resident so in that case we only take the withholding on a percentage of the proceeds that the non-resident would have gotten we have more title related questions please feel free to reach out to me at closer decom thank you.