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February 3, 2011

MARYLAND WITHHOLDING TAX UPDATE!

The real property withholding rate for nonresident individuals in Maryland has dropped from 7.5% to 6.75%. Not much, but every little bit helps! The withholding rate for nonresident entities remains unchanged at 8.25%. If you are not a resident of Maryland and you sell Maryland real property, then you will be subject to the withholding tax unless you apply for a full or partial exemption in advance. Feel free to call us at 410-287-1510 if you have any questions.

 

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