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 uses Form REW-1-1120?
A: Form REW-1-1120 is used by sellers that are corporations to report and remit withholding tax on the transfer of real property in Maine.

Q: What is real estate withholding?
A: Real estate withholding is the process of deducting and remitting a percentage of the sales price from the proceeds of a real estate transaction.

Q: When should Form REW-1-1120 be filed?
A: Form REW-1-1120 should be filed within 30 days of the transfer of real property.

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

Q: Is Form REW-1-1120 the same as Form 1099-S?
A: No, Form REW-1-1120 is a specific form used for real estate withholding in Maine, while Form 1099-S is a federal form used to report real estate transactions.

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

Q: Are there any exemptions from real estate withholding?
A: Yes, there are certain exemptions and reduced withholding rates available. It is recommended to consult the instructions for Form REW-1-1120 or seek professional advice to determine if any exemptions apply.

Q: Can Form REW-1-1120 be e-filed?
A: No, at the time of writing this, Form REW-1-1120 cannot be e-filed and must be filed by mail.