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Proposed New Tax Requirement on Real Estate Sales

By Doug Cornelius

The current draft of the Fiscal Year 2009 Massachusetts House Budget proposes a new obligation on real estate sales. Section 11 of H4000 Outside Sections (7L Sections) would impose a new requirement on non-resident taxpayers being obligated to make an estimated tax payment at the time of the sale of real estate in Massachusetts.SECTION 11. Chapter 62B of the General Laws is hereby amended by inserting after section 13 the following section:-Section 13A. The commissioner may require a taxpayer, or a person paying, crediting or allocating an amount to a taxpayer, to make estimated tax payments on amounts the taxpayer is reasonably likely to receive. The commissioner may require a minimum estimated tax payment and may require payment on or before the date of receipt of income...continue to full post

Full post as published by Real Estate Space on April 18, 2008 (boomark / email).