Printable Maine Tax Form

1. What is the Maine Real Estate Transfer Tax Declaration Form (RETTD)?

   The Maine Real Estate Transfer Tax Declaration Form, commonly referred to as Form RETTD, is a document that must be filed with the county Registry of Deeds when a property transfer occurs. This form provides essential information about the property, the buyer, and the seller, and it is used to calculate the transfer tax based on the property's value.

2. Who needs to file the RETTD?

   Both the buyer (grantee) and the seller (grantor) are required to complete and file this form when a property is sold or transferred in Maine. If there are multiple buyers or sellers, a Supplemental Form must be completed to accommodate all parties involved.

3. How is the transfer tax calculated?

   The transfer tax is calculated at a rate of $2.20 for every $500 of the property's value. This tax is split evenly between the buyer and the seller. For example, if a property sells for $200,000, the total transfer tax would be $880, with each party responsible for $440.

4. What information is required on the form?

   The form requires various details, including:

   • The county and municipality where the property is located.
   • Names and federal ID numbers of the buyer and seller.
   • The property’s map-block-lot-sub lot number.
   • The purchase price or fair market value of the property.
   • Any exemptions claimed from the transfer tax.

5. What should I do if the property is classified under a current use program?

   If the property is classified as farmland, open space, tree growth, or working waterfront, it is important to check the appropriate box on the form. This classification may trigger financial penalties if the property is developed or its use is changed.

6. What if the sale price is not reflective of the fair market value?

   If there are special circumstances that suggest the price paid for the property was significantly different from its fair market value, you should check the box on the form and provide an explanation. This helps ensure that the tax assessment is fair and accurate.

7. Is income tax withholding required for non-resident sellers?

   Non-resident sellers may be subject to income tax withholding under Maine law. However, withholding is not required if the seller qualifies as a Maine resident, if a waiver has been obtained from the State Tax Assessor, if the property consideration is less than $100,000, or if the transfer is a foreclosure sale.

8. How do I submit the RETTD?

   The completed RETTD must be submitted to the county Registry of Deeds at the time the deed is recorded. It is advisable to keep a copy of the form for your records. If the property is located in more than one municipality or if there are multiple buyers or sellers, a Supplemental Form should also be included.

9. Where can I find more information about the RETTD?

   For additional details regarding the Maine Real Estate Transfer Tax Declaration, individuals can visit the Maine Revenue Services website or contact the Property Tax Division at 207-624-5606. This resource provides guidance on completing the form and understanding any associated tax obligations.

When filling out the Maine Tax form, specifically the Real Estate Transfer Tax Declaration (Form RETTD), it's important to pay attention to several key details. Here are some essential takeaways:

• Use Black Ink Only: Avoid using red ink when completing the form to ensure clarity and proper processing.
• Complete All Required Sections: Fill in all necessary fields, including information about the buyer (grantee) and seller (grantor), property details, and transfer tax amounts.
• Understand Transfer Tax Calculations: The tax is calculated at $2.20 for every $500 of property value. This amount is split evenly between the buyer and seller.
• Supplemental Forms May Be Necessary: If the transaction involves multiple municipalities or more than two parties, a Supplemental Form must be completed.
• Declare Any Special Circumstances: If the sale price differs significantly from the fair market value, indicate this on the form and provide an explanation.
• Income Tax Withholding Rules: Be aware of the income tax withholding requirements for non-resident sellers, as certain exemptions may apply.
• Sign Under Penalty of Perjury: The form must be signed, declaring that the information provided is accurate to the best of your knowledge. This applies to both the taxpayer and the preparer.

Following these guidelines will help ensure that the form is completed correctly and efficiently, minimizing potential issues with the transfer process.

When completing the Maine Tax form, several other documents may be required or helpful in the process. Each of these documents serves a specific purpose in ensuring compliance with local regulations and providing necessary information regarding the property transaction.

• Supplemental Form RETTD: This form is used when the property transfer involves multiple municipalities or more than two buyers or sellers. It provides additional space to list all parties involved in the transaction.
• Property Deed: The deed is a legal document that officially transfers ownership of the property from the seller to the buyer. It includes details about the property and must be recorded with the county Registry of Deeds.
• Title Search Report: A title search report outlines the legal status of the property. It reveals any liens, claims, or other issues that could affect the ownership of the property, ensuring that the buyer is fully informed before the purchase.
• Property Tax Bill: This document provides information about the current property taxes owed on the property. It is essential for buyers to understand their financial obligations regarding property taxes after the purchase.
• Home Inspection Report: A home inspection report assesses the condition of the property and identifies any necessary repairs or issues. This document can influence the buyer's decision and the negotiation process.
• RV Bill of Sale: A RV Bill of Sale form is essential for documenting the sale of a recreational vehicle and serves as proof of ownership transfer in Texas.
• Purchase Agreement: The purchase agreement is a contract between the buyer and seller outlining the terms of the sale, including the purchase price and any contingencies. It serves as a crucial reference during the transaction process.

Having these documents ready can facilitate a smoother transaction when filing the Maine Tax form. Each document plays a vital role in ensuring that all legal and financial aspects of the property transfer are addressed appropriately.

Guidelines on Writing Maine Tax

Filling out the Maine Tax form is essential for completing a real estate transaction. Follow these steps carefully to ensure all required information is provided accurately.

1. Enter the county where the property is located in line 1.
2. In line 2, provide the municipality name where the property is situated.
3. For line 3, fill in the details for the grantee/purchaser:
• 3a: Last name, first name, and middle initial or business name.
• 3b: Enter the federal ID number if applicable.
• 3c: If there is a second purchaser, repeat the process for their name.
• 3d: Provide the federal ID number for the second purchaser.
• 3e: Enter the mailing address after the purchase.
• 3f: Indicate the municipality of the new address.
• 3g: State.
• 3h: ZIP Code.
4. In line 4, provide the details for the grantor/seller:
• 4a: Last name, first name, and middle initial or business name.
• 4b: Enter the federal ID number if applicable.
• 4c: If there is a second seller, repeat the process for their name.
• 4d: Provide the federal ID number for the second seller.
• 4e: Enter the mailing address for the seller.
• 4f: Indicate the municipality of the seller's address.
• 4g: State.
• 4h: ZIP Code.
5. In line 5, provide information about the property:
• 5a: Enter the map-block-lot-sub lot number.
• 5b: Enter the property type code from the provided list.
• 5c: If applicable, provide the physical location of the property.
• 5d: Enter the acreage of the property.
• Check any boxes that apply regarding multiple parcels or absence of maps.
6. In line 6, complete the transfer tax section:
• 6a: Enter the purchase price or "0" if it's a gift.
• 6b: If applicable, enter the fair market value.
• 6c: Check the exemption box if claiming an exemption and provide an explanation.
7. In line 7, enter the date of transfer in MM-DD-YYYY format.
8. In line 8, check the box if the property is classified under current use programs.
9. In line 9, indicate any special circumstances regarding the transfer price.
10. In line 10, specify if income tax is withheld and provide the relevant information.
11. In line 11, complete the declaration section with the preparer's details if different from the parties involved.

After filling out the form, review all entries for accuracy. Once confirmed, submit the form to the county Registry of Deeds along with the accompanying deed. This step is crucial for the tax assessment based on the property's value.

When filling out the Maine Tax form, it’s important to ensure accuracy and compliance. Here’s a helpful list of things you should and shouldn’t do:

• Do use black or blue ink only. Avoid red ink as it may not be processed correctly.
• Don’t forget to include all required information. Missing details can delay processing.
• Do double-check names and addresses. Ensure they are written in the correct order and format.
• Don’t use a social security number. Always provide a federal ID number for businesses.
• Do indicate the correct property type code. This helps categorize the property accurately.
• Don’t neglect to sign the declaration. Your signature confirms the accuracy of the information provided.
• Do keep a copy of the completed form for your records. It’s useful for future reference or any inquiries.

By following these guidelines, you can help ensure that your Maine Tax form is completed correctly and efficiently. Good luck!