Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 10 - Withholding Tax
Part 1 - Withholding Tax on the Sale of Real Property by Nonresidents (280-RICR-20-10-1)
Section 280-RICR-20-10-1.8 - Multiple Sellers
Current through March 20, 2024
A. No matter how the sellers hold their interests in the property, if there is more than one name on the deed, there are multiple sellers. Thus, forms of ownership such as tenancy by the entirety; tenancy in common and joint tenancy all indicate multiple sellers.
B. The buyer must either obtain seller's residency affidavits from each of the multiple sellers, or for each nonresident seller, withhold and remit for each nonresident seller separately. If sellers are married and will file a joint RI income tax return, they should so indicate on Form RI 71.3 Remittance and Form RI 71.3 Election.
C. Unless otherwise provided, it is assumed that each of the multiple sellers share equally in the net proceeds for the purposes of calculating amounts to be withheld.
D. A pass-through entity must comply and either obtain seller's residency affidavits from each member or, for each nonresident member, withhold and remit for such nonresident member based on the member's share. It is assumed that the members share equally unless otherwise specifically provided.
