We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use.
Click "here" to read our Cookie Policy. By clicking "Accept" you agree to the use of cookies. Read less
What Are Some Of The Major Factors That Shaped The Arizona Constitution
Preamble Real Estate Withholding Related Searches
nar code of ethics preamble
the preamble to the code of ethics
realtor code of ethics
what is the goal of the preamble in real estate
articles of the code of ethics are broad statements
nar code of ethics 2022
code of ethics preamble examples
strive to become and remain informed on issues affecting real estate
real estate withholding statement 593 instructions
the preamble to the code can be the basis for disciplinary action against a realtor
Interesting Questions
Preamble real estate withholding is a mandatory process in Arizona where a percentage of the sales price of a property is withheld and paid to the Arizona Department of Revenue as a prepayment of any potential state income tax liabilities.
The purpose of preamble real estate withholding is to ensure that non-resident sellers of real estate in Arizona comply with their potential state income tax obligations. It acts as a safeguard to ensure that taxes are paid on the gain realized from the sale.
The buyer or the buyer's agent is typically responsible for withholding and remitting the required amount to the Arizona Department of Revenue.
The amount withheld for preamble real estate withholding is generally 2% of the sales price. However, this rate may vary depending on certain factors, such as whether the buyer is an individual or an entity, or if the property is used for residential or commercial purposes.
Yes, there are certain exemptions to preamble real estate withholding, such as when the sales price is below a certain threshold, when the seller is a resident of Arizona, or when the property is transferred between certain family members. It is important to consult with a tax professional or the Arizona Department of Revenue for specific exemption requirements.
The withholding payment should be made at the time of closing or within 20 days after the transfer of the property, whichever occurs earlier.
The withheld amount is submitted to the Arizona Department of Revenue, which will then be applied as a prepayment towards any potential state income tax liabilities of the seller. If the seller's tax liability is lower than the amount withheld, they may be eligible for a refund.
Yes, the seller or their authorized representative can contest or request an adjustment to the withheld amount by filing a petition with the Arizona Department of Revenue within 60 days from the date of withholding. The department will review the petition and make a determination based on the supporting documentation provided.
Failure to comply with preamble real estate withholding requirements may lead to penalties and interest charges. It is important for all parties involved in the real estate transaction to accurately fulfill their withholding obligations to avoid any potential legal or financial consequences.
For more information about preamble real estate withholding in Arizona, it is recommended to visit the official website of the Arizona Department of Revenue or consult with a qualified tax professional.
Trusted and secure by over 3 million people of the world’s leading companies
