West Virginia Tax Division Updates Guidance on Nonresident Real Property Withholding

The West Virginia Tax Division published the updated guidance on withholding requirements for sales of real property by nonresidents. The publication details that either 2.5 percent of the total payment or 4.58 percent of the estimated capital gain must be withheld from nonresident sellers before deed recordation. The guidance also outlines three required forms including the NRAE application for exemption certificates that must be received 21 days before closing, the NRSR return that must be submitted within 30 days of withholding, and the NRER application for early refunds that cannot be filed before 30 days after transfer or after December ...