§ 58.1-317. Filing of estimated tax by nonresidents upon the sale of realproperty; penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving payments from the transfer of fee simple title in realproperty in this Commonwealth shall concurrent with the transfer of titleregister with the Department of Taxation pursuant to forms and regulationsadopted by the Tax Commissioner.
B. The real estate reporting person as defined in § 6045(e) of the InternalRevenue Code and the regulations thereunder shall obtain from the nonresidentpayee the registration form required in subsection A of this section. Thereal estate reporting person shall retain a copy of the registration form inhis files and shall transmit the original copy to the Department of Taxationon or before the fifteenth day of the month following the month in which thetitle was transferred. As prescribed by the Tax Commissioner, a payee may beexcused from the filing of a registration form by furnishing the real estatereporting person with a certificate stating that the payment is not subjectto the corporation or individual income tax.
C. If a nonresident payee fails to provide a completed registration form tothe real estate reporting person or if such payee provides the real estatereporting person with a registration form that is incomplete or false on itsface, the real estate reporting person shall file a registration form onbehalf of the payee providing the payee's name, address, taxpayeridentification number, and such other information as may be required by theTax Commissioner. In the case of each failure to file a registration formwith the Tax Commissioner on the date prescribed therefor, the real estatereporting person failing to file such registration form shall pay a $50penalty for each month that each such failure to file continues, notexceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to a realestate reporting person with the intent to evade the payment of income taxesproperly due on the transfer of fee simple title to real estate in thisCommonwealth and any real estate reporting person who has actual knowledgethat any information supplied by a payee is false or fraudulent and fails tonotify the Department of Taxation of such shall be guilty of a Class 1misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
§ 58.1-317. Filing of estimated tax by nonresidents upon the sale of realproperty; penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving payments from the transfer of fee simple title in realproperty in this Commonwealth shall concurrent with the transfer of titleregister with the Department of Taxation pursuant to forms and regulationsadopted by the Tax Commissioner.
B. The real estate reporting person as defined in § 6045(e) of the InternalRevenue Code and the regulations thereunder shall obtain from the nonresidentpayee the registration form required in subsection A of this section. Thereal estate reporting person shall retain a copy of the registration form inhis files and shall transmit the original copy to the Department of Taxationon or before the fifteenth day of the month following the month in which thetitle was transferred. As prescribed by the Tax Commissioner, a payee may beexcused from the filing of a registration form by furnishing the real estatereporting person with a certificate stating that the payment is not subjectto the corporation or individual income tax.
C. If a nonresident payee fails to provide a completed registration form tothe real estate reporting person or if such payee provides the real estatereporting person with a registration form that is incomplete or false on itsface, the real estate reporting person shall file a registration form onbehalf of the payee providing the payee's name, address, taxpayeridentification number, and such other information as may be required by theTax Commissioner. In the case of each failure to file a registration formwith the Tax Commissioner on the date prescribed therefor, the real estatereporting person failing to file such registration form shall pay a $50penalty for each month that each such failure to file continues, notexceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to a realestate reporting person with the intent to evade the payment of income taxesproperly due on the transfer of fee simple title to real estate in thisCommonwealth and any real estate reporting person who has actual knowledgethat any information supplied by a payee is false or fraudulent and fails tonotify the Department of Taxation of such shall be guilty of a Class 1misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
§ 58.1-317. Filing of estimated tax by nonresidents upon the sale of realproperty; penalties.
A. Notwithstanding any other provision of this chapter, every nonresidentpayee receiving payments from the transfer of fee simple title in realproperty in this Commonwealth shall concurrent with the transfer of titleregister with the Department of Taxation pursuant to forms and regulationsadopted by the Tax Commissioner.
B. The real estate reporting person as defined in § 6045(e) of the InternalRevenue Code and the regulations thereunder shall obtain from the nonresidentpayee the registration form required in subsection A of this section. Thereal estate reporting person shall retain a copy of the registration form inhis files and shall transmit the original copy to the Department of Taxationon or before the fifteenth day of the month following the month in which thetitle was transferred. As prescribed by the Tax Commissioner, a payee may beexcused from the filing of a registration form by furnishing the real estatereporting person with a certificate stating that the payment is not subjectto the corporation or individual income tax.
C. If a nonresident payee fails to provide a completed registration form tothe real estate reporting person or if such payee provides the real estatereporting person with a registration form that is incomplete or false on itsface, the real estate reporting person shall file a registration form onbehalf of the payee providing the payee's name, address, taxpayeridentification number, and such other information as may be required by theTax Commissioner. In the case of each failure to file a registration formwith the Tax Commissioner on the date prescribed therefor, the real estatereporting person failing to file such registration form shall pay a $50penalty for each month that each such failure to file continues, notexceeding six months in the aggregate.
D. Any payee who willfully supplies false or fraudulent information to a realestate reporting person with the intent to evade the payment of income taxesproperly due on the transfer of fee simple title to real estate in thisCommonwealth and any real estate reporting person who has actual knowledgethat any information supplied by a payee is false or fraudulent and fails tonotify the Department of Taxation of such shall be guilty of a Class 1misdemeanor.
E. For purposes of this section, the term "nonresident payee" means everyindividual who is not a resident, every nonresident estate or trust, everypartnership and S corporation which has nonresident partners or shareholders,or every corporation which is not formed or organized under Virginia law.
