Goldstein & Levy, P.A., General Counsel
Legal Bulletin
January 12, 2011 | Withholding Rate on Sales of MD Real Estate by Non-Resident Sellers
Reduced as of January 1, 2011
The rate of withholding taxes to be withheld and paid to the Clerk on the sale of real estate by non-residents in MD has been lowered, effective January 1, 2011 from 7.5% to 6.75%. The rate of withholding on non-MD entities (i. e. entities that were not formed in MD and/or which have not qualified or registered to do business in MD) remains at 8.25%.
If you have questions or need assistance with a transaction in which the Seller is a non-MD resident, please contact any of
our offices.
Settle On Our Experience®...
This bulletin is for informational purposes only and is not intended as legal or tax advice to be used or depended upon in any specific transaction. All parties are advised to seek competent legal and tax advice / counsel with respect to these issues before entering into any transaction.
©Capitol Title Insurance Agency, Inc. 2010