Form 89-386 Affidavit for Withholding Income Tax on Sale of Real Estate by Non-resident - Mississippi

What Is Form 89-386?

This is a legal form that was released by the Mississippi Department of Revenue - a government authority operating within Mississippi. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 89-386?
A: Form 89-386 is the Affidavit for Withholding Income Tax on Sale of Real Estate by Non-resident in Mississippi.

Q: Who needs to file Form 89-386?
A: Non-residents of Mississippi who are selling real estate in the state need to file Form 89-386.

Q: What is the purpose of Form 89-386?
A: The purpose of Form 89-386 is to withhold income tax on the sale of real estate by non-residents, ensuring compliance with Mississippi tax laws.

Q: What information is required on Form 89-386?
A: Form 89-386 requires information about the buyer, seller, property, and the anticipated sale proceeds.

Q: When should Form 89-386 be filed?
A: Form 89-386 should be filed at least 20 days prior to the anticipated closing date of the real estate sale.

Q: What happens after Form 89-386 is filed?
A: After Form 89-386 is filed, the Mississippi Department of Revenue will review the form and determine the appropriate withholding amount.

Q: Is there a penalty for not filing Form 89-386?
A: Yes, there may be penalties for not filing Form 89-386 or for underpayment of the required withholding amount.

Q: Can I claim a refund of the withheld amount?
A: Yes, non-residents who have withheld taxes on the sale of real estate may be eligible for a refund if they meet certain criteria.