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Diane M. Phillips
443-286-4365
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Diane M. Phillips
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Maryland Non-Resident Seller Transfer Withholding Tax


Maryland Non-Resident Seller Transfer Withholding Tax is very confusing, Realtors, title companies & accountants all with different perspectives. The clear part of the picture, Maryland Non-Resident sellers are taxed at 7.5% of the total proceeds, after mortgage pay-off and settlement costs. (8.25% if they are a non-resident entity).


What if you moved within the last year to year and a half? What’s the defining moment? Well, at settlement you’ll be asked for your driver’s license for ID purposes, that’s standard operating procedure at settlement. Secondly, what does the state department of assessments have on file? Does it list the property as your primary residence? If not, you will be paying the tax or at least, it will be held in escrow until all the wrinkles are worked out. Apparently, if it was your primary residence for at least 3 of the last 5 years, then you may be exempt.

I am not an accountant or an attorney, I am, however, confused....or maybe not?


On $100,000 proceeds that $7,500 all because I moved out of state for work, retirement or just because? Holy Cow!

See Comptroller of Maryland website.


Maryland Non Resident Withholding Tax ~ Important information for Non Resident Sellers


Maryland Withholding Requirements for Sales of Real Property (Real Estate) by Non Residents


Bottom line, if you sell a property in Maryland, but do not currently reside in Maryland you could be subject to The Maryland Withholding Tax for the Sale of Real Property (Real estate) by a Non Resident. Seek Competent Legal Advice from a Real Estate Attorney or Certified Public Accountant.

 

 

 

When you are ready, my services as your advocate are just a phone call, text message or email away. I provide options, you make the decisions. My business philosophy is simple, Knowledge is power, fuel yourself by contacting  Diane M. Phillips, Realtor®, full service full time! DianeJustSold@gmail.com   443-286-4365