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If you are a tax withholding agent, you are, in general, required to deduct 1% of the value of payments for purchases of goods and 2% for purchase of services from all local suppliers. A tax withholding agent is also required to withhold tax from non-resident aliens engaged in trade or business in the Philippines.
Payors of distributions that are Eligible Rollover Distributions (ERDs) under IRC Section 3405(c), subject to mandatory federal income tax withholding, are required to withhold Maryland income tax from these distributions paid to Maryland residents at the rate of 7.75%.
For a nonresident individual, the payment is 8% of the total property sale payment made to the individual. A nonresident entity must make an 8.25% payment. See Withholding Requirements for Sales of Real Property by Nonresidents.
6.2% of each of your paychecks is withheld for Social Security taxes and your employer contributes a further 6.2%. However, the 6.2% that you pay only applies to income up to the Social Security tax cap, which for 2022 is $147,000 (up from $142,800 in 2021).
Accounting for a Withholding TaxThe withholding entity records the amount of this tax in its balance sheet as a liability as soon as it is withheld, and clears the liability when it is paid to the government. The entity does not record the tax as an expense, only as a liability.
The Maryland contract purchase withholding tax is a tax that is levied on the sale or transfer of certain real property in Maryland.
The buyer or transferee of the real property is generally responsible for paying the Maryland contract purchase withholding tax.
The tax rate for the Maryland contract purchase withholding tax is 7.5% of the total payment made to the seller or transferor.
The Maryland contract purchase withholding tax is due at the time of settlement or transfer of the property.
Yes, there are certain exemptions available, such as transfers between spouses, transfers between parents and children, and transfers between siblings.
To calculate the Maryland contract purchase withholding tax, multiply the total payment made to the seller or transferor by the tax rate of 7.5%.
Failure to pay the Maryland contract purchase withholding tax may result in penalties and interest being imposed on the buyer or transferee.
Yes, in certain cases where the seller or transferor has no Maryland tax liability, the buyer or transferee may be eligible for a refund of the withholding tax.
For detailed information about the Maryland contract purchase withholding tax, you can visit the official website of the Maryland Comptroller's office.
Maryland State Statutes
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-101 REAL PROP. Definitions.
(a) In general. -- In this subtitle the following words have the meanings indicated.HISTORY: An. Code 1957, art. 66C, 83A, 83F, 83J; 1973, 1st Sp. Sess., ch. 6, 1.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-102. Form and delivery of land installment contracts
(a) Signed writing by all parties containing terms of agreement necessary. -- Every land installment contract shall be evidenced by a contract signed by all parties to it and containing all the terms to which they have agreed.HISTORY: An. Code 1957, art. 21, 10-102; 1974, ch. 12, 2; 1991, ch. 283; 2009, ch. 60, 5.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-103. Contents of contract; application of payments; payments and mortgage when land sold
(a) Contents of contract generally. -- Every land installment contract shall contain all the following information:HISTORY: An. Code 1957, art. 21, 10-103; 1974, ch. 12, 2; 1975, ch. 605; ch. 817, 9; 1981, chs. 598, 781; 1982, ch. 17, 7; 1997, ch. 14, 1; 2002, ch. 10, 19.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-104. Recordation
Every land installment contract shall be indexed and recorded among the land records in the office of the clerk of the circuit court of the county where the property which is the subject of the contract is located. With regard to any person who claims any interest in or lien on the property arising after the time of recording, the property is deemed to be held from the time of recording by the then record owner of fee simple or leasehold title to the property, subject to the rights and interest of the purchaser of the contract as stated in the contract.
HISTORY: An. Code 1957, art. 21, 10-104; 1974, ch. 12, 2; 1982, ch. 820, 3.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-105. Purchase money mortgage
(a) Right to demand grant upon execution of mortgage; expenses. If the contract fixes no earlier period, when 40 percent or more of the original cash price of the property is paid, the purchaser may demand a grant of the premises mentioned in the contract, on the condition that he execute a purchase money mortgage to the vendor, or to a mortgagee procured by the purchaser. If any mortgage is executed pursuant to the purchaser's demand for grant under this subsection, the purchaser is liable for expenses, such as title search, drawing deed and mortgage, one half of cost of federal and State revenue stamps, notary fees, recording, reasonable building association fees, judgment reports, and tax lien report.HISTORY: An. Code 1957, art. 21, 10-103; 1974, ch. 12, 2.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-106. Compliance with terms and conditions by purchaser on or before date designated in notice to terminate
If the purchaser, on or before the date designated in a notice from the vendor of intention to terminate a land installment contract due to the purchaser's default, complies with the terms and conditions in respect to which the default has occurred, the contract continues in full force and effect, notwithstanding any contrary provision in the contract.
HISTORY: An. Code 1957, art. 21, 10-105; 1974, ch. 12, 2.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-107. Statement to be furnished by vendor
(a) Furnishing of statement required. Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:HISTORY: An. Code 1957, art. 21, 10-106; 1974, ch. 12, 2; 1976, ch. 272.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-108. Right of purchaser to enforce provisions of subtitle
If a vendor fails to comply with the provisions of 10-105 or 10-107 of this subtitle, the purchaser has the right to enforce these sections in a court of equity. If the court finds that the vendor has failed to comply with these provisions, the court shall grant appropriate relief and shall require the vendor to assume all court costs as well as a reasonable counsel fee for the purchaser's attorney.
HISTORY: An. Code 1957, art. 21, 10-107; 1974, ch. 12, 2; 1976, ch. 272.
Maryland Case Law
In Md. Code Ann., Real Prop. 10-101(b), the Maryland Land Installment Contract Act defines a land installment contract as a legally binding executory agreement under which (1) the vendor agrees to sell an interest in certain types of real property to the purchaser and the purchaser agrees to pay the purchase price in five or more subsequent payments exclusive of the down payment, if any, and (2) the vendor retains title as security for the purchaser's obligation. Archway Motors Inc. v. Herman, 37 Md.App. 674 (1977).
The Maryland Land Installment Contract Act requires that within fifteen days after the contract has been signed by both parties,the vendor shall cause the contract to be recorded among the land records of the county where the property lies and shall mail the recorder's receipt to the purchaser. This duty of recordation and mailing of receipt shall be written clearly or printed on the contract. Failure to do so, or to record as required under this section within the time stipulated, gives the purchaser the unconditional right to cancel the contract and to receive immediate refund of all payments and deposits on account of or in contemplation of the contract. Sidhu v. Shigo, 61 Md.App. 61 (1984).
vOne purpose of the Land Installment Contract Act was to provide a mechanism whereby a vendee would not lose the equity and interest he had built in his home in the event of default. Russ v. Barnes, 23 Md.App. 691 (1974).
Maryland State Statutes
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-101 REAL PROP. Definitions.
(a) In general. -- In this subtitle the following words have the meanings indicated.HISTORY: An. Code 1957, art. 66C, 83A, 83F, 83J; 1973, 1st Sp. Sess., ch. 6, 1.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-102. Form and delivery of land installment contracts
(a) Signed writing by all parties containing terms of agreement necessary. -- Every land installment contract shall be evidenced by a contract signed by all parties to it and containing all the terms to which they have agreed.HISTORY: An. Code 1957, art. 21, 10-102; 1974, ch. 12, 2; 1991, ch. 283; 2009, ch. 60, 5.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-103. Contents of contract; application of payments; payments and mortgage when land sold
(a) Contents of contract generally. -- Every land installment contract shall contain all the following information:HISTORY: An. Code 1957, art. 21, 10-103; 1974, ch. 12, 2; 1975, ch. 605; ch. 817, 9; 1981, chs. 598, 781; 1982, ch. 17, 7; 1997, ch. 14, 1; 2002, ch. 10, 19.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-104. Recordation
Every land installment contract shall be indexed and recorded among the land records in the office of the clerk of the circuit court of the county where the property which is the subject of the contract is located. With regard to any person who claims any interest in or lien on the property arising after the time of recording, the property is deemed to be held from the time of recording by the then record owner of fee simple or leasehold title to the property, subject to the rights and interest of the purchaser of the contract as stated in the contract.
HISTORY: An. Code 1957, art. 21, 10-104; 1974, ch. 12, 2; 1982, ch. 820, 3.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-105. Purchase money mortgage
(a) Right to demand grant upon execution of mortgage; expenses. If the contract fixes no earlier period, when 40 percent or more of the original cash price of the property is paid, the purchaser may demand a grant of the premises mentioned in the contract, on the condition that he execute a purchase money mortgage to the vendor, or to a mortgagee procured by the purchaser. If any mortgage is executed pursuant to the purchaser's demand for grant under this subsection, the purchaser is liable for expenses, such as title search, drawing deed and mortgage, one half of cost of federal and State revenue stamps, notary fees, recording, reasonable building association fees, judgment reports, and tax lien report.HISTORY: An. Code 1957, art. 21, 10-103; 1974, ch. 12, 2.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-106. Compliance with terms and conditions by purchaser on or before date designated in notice to terminate
If the purchaser, on or before the date designated in a notice from the vendor of intention to terminate a land installment contract due to the purchaser's default, complies with the terms and conditions in respect to which the default has occurred, the contract continues in full force and effect, notwithstanding any contrary provision in the contract.
HISTORY: An. Code 1957, art. 21, 10-105; 1974, ch. 12, 2.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-107. Statement to be furnished by vendor
(a) Furnishing of statement required. Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:HISTORY: An. Code 1957, art. 21, 10-106; 1974, ch. 12, 2; 1976, ch. 272.
REAL PROPERTY
TITLE 10. Sale of Real Property.
Subtitle 1. Land Installment Contracts.
10-108. Right of purchaser to enforce provisions of subtitle
If a vendor fails to comply with the provisions of 10-105 or 10-107 of this subtitle, the purchaser has the right to enforce these sections in a court of equity. If the court finds that the vendor has failed to comply with these provisions, the court shall grant appropriate relief and shall require the vendor to assume all court costs as well as a reasonable counsel fee for the purchaser's attorney.
HISTORY: An. Code 1957, art. 21, 10-107; 1974, ch. 12, 2; 1976, ch. 272.
Maryland Case Law
In Md. Code Ann., Real Prop. 10-101(b), the Maryland Land Installment Contract Act defines a land installment contract as a legally binding executory agreement under which (1) the vendor agrees to sell an interest in certain types of real property to the purchaser and the purchaser agrees to pay the purchase price in five or more subsequent payments exclusive of the down payment, if any, and (2) the vendor retains title as security for the purchaser's obligation. Archway Motors Inc. v. Herman, 37 Md.App. 674 (1977).
The Maryland Land Installment Contract Act requires that within fifteen days after the contract has been signed by both parties,the vendor shall cause the contract to be recorded among the land records of the county where the property lies and shall mail the recorder's receipt to the purchaser. This duty of recordation and mailing of receipt shall be written clearly or printed on the contract. Failure to do so, or to record as required under this section within the time stipulated, gives the purchaser the unconditional right to cancel the contract and to receive immediate refund of all payments and deposits on account of or in contemplation of the contract. Sidhu v. Shigo, 61 Md.App. 61 (1984).
vOne purpose of the Land Installment Contract Act was to provide a mechanism whereby a vendee would not lose the equity and interest he had built in his home in the event of default. Russ v. Barnes, 23 Md.App. 691 (1974).