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Note: Federally taxable gains on the sale of Maine real property are taxable by Maine, even if the total consideration is less than $100,000.

Note: Federally taxable gains on the sale of Maine real property are taxable by Maine, even if the total consideration is less than $100,000.

Maine taxes both long- and short-term capital gains at the full income tax rates described in the income tax section above. This means that income from capital gains can face a state rate of up to 7.15% in Maine.

7 ways to avoid taxes on a home sale Live in the house for two years. ... Move due to military service. ... Look for exceptions. ... Keep track of home improvements. ... Use a 1031 exchange. ... Installment sale. ... Offset with capital losses.

Some individuals may be eligible for an exemption or reduction of the required REW payment. To apply for an exemption or reduction, use Form REW-5. This form must be submitted at least 5 business days prior to the closing. Forms not received timely may be denied an exemption or reduction.

Maine deed transfer tax rate The tax rate is $2.20 per $500 or a fractional part of $500 of the property's value being transferred.

Non-Maine residents who sell real estate located in Maine are subject to a withholding amount equal to 2.5% of the sale price. This withholding is used as an estimated tax payment towards any Maine tax liability on the gain realized from the state.

Maine does not have a special capital gains tax rate and, due to the state's federal conformity tie-in provision, generally follows federal law concerning the following: the partial exclusion for sale of small business stock (IRC Sec. 1202);