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01. What is the Maine Real Estate Withholding?

The Maine Real Estate Withholding is a withholding of a portion of the proceeds of the sale of Maine real property by a nonresident individual, estate or trust or by a business not domiciled in Maine. The withholding is done at the time of the property closing and is claimed as an estimated Maine income tax payment on the seller’s Maine income tax return (Form 1040ME, 1041ME or 1120ME). The buyer, at the time of the sale, is responsible for the withholding.