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Mid-Atlantic
Area
Delaware
32
The Green
Dover,
DE 19901
(302)
734-3570
(800)
722-0784
(302)
734-3254 - fax
The
800 King Street Building
800
King Street, Suite 304
Wilmington,
DE 19801
(302)
661-1997
(302)
661-1996 - fax
Pennsylvania
Three Glenhardie Corporate Center
1265
Drummers Lane, Suite 220
Wayne,
PA 19087
(610)
687-8020
(800)
842-2080
(610)
687-6056 - fax
Calder
Square
P.O.
Box 10326
State
College, PA 16805-0326
(814)
238-3600
(814)
238-3604 - fax
125
Technology Drive, Suite 101
Canonsburg, PA 15314
(866)
364-2777
(724)
746-5434 - fax
Maryland
Columbia Corporate Park
8850 Stanford Blvd., Suite 2900
Columbia,
MD 21045
(410)
953-6763
(800) 664-8306
(410) 953-6761 - fax
Virginia
9303
Center Street, Suite 101
Manassas,
VA 20110-5547
(703)
365-2300
(800)
232-6817
(703)
365-2400 - fax
1245 Mall Drive
Richmond,
VA 23235
(804)
897-5499
(888) 859-9222
(804)
288-4090
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HOUSE BILL NO. 349
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On June 11, 2010,
Delaware
passed legislation requiring the withholding of income
tax on the sale or exchange of real estate by
non-resident individuals or corporations. This tax will
take effect on January 1, 2011.
Resident individuals and corporations
are currently required to estimate, report, and pay the
tax due on income, including gains recognized from the
sale of real estate, in the quarter during which the
sale occurs.
This Bill will require nonresident persons, corporations
or pass-through entities that sell real estate owned in
this State to declare and pay their estimate of the tax
due on the gain recognized from the sale before the deed
will be recorded.
The Bill does not apply to estates or to entities
classified as a trust for federal income tax purposes,
but does apply to the members, beneficiaries or grantors
of entities disregarded for federal income tax purposes.
This Bill will facilitate the reporting and collection
of the tax, and the administration of the tax code. (Click
here to view notice.)
No additional information has been
made available aside from the legislation at this time.
Please contact Kate Blake-Endicott at
302.734.3570 should you have any questions in this
regard.
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please
click here
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