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5. When is the withholding or the request for exemption or reduction due?
Withholding must be submitted to MRS within 30 days of property transfer. A request for exemption or reduction must be completed and submitted at least five business days prior to the closing date. The real estate withholding is retained by the closing agent at the time of the property transfer and remitted to MRS with Form REW-1-1040, Form REW-1-1041 or Form REW-1-1120. Once the payment is submitted to MRS, no refunds will be made until the related income tax return is filed for the year of sale. For more information, go to http://www.maine.gov/revenue/incomeestate/rew/ .
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