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UNITED STATES SECURITIESANDEXCHANGE COMMISSION Washington, D.C.20549 /ANNUAL AUDITED R FORM X17A15025602OMB APPROVAL OMB Number: 32354)123 Expires: March 31, 2016, Estimated average burdenRThoursperresponse......12.00 SEC
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REET stands for Real Estate Excise Tax. It is a tax imposed on the sale of real estate, usually paid by the seller.
The seller of the real estate is typically required to file REET, though the buyer may also be responsible in some cases.
To fill out REET, you need to complete the prescribed form provided by the state or local tax authority, providing details like the sale price, property description, and seller information.
The purpose of REET is to generate revenue for state and local governments from real estate transactions, which can be used for public services and infrastructure.
Information that must be reported on REET includes the names of the buyer and seller, the sale price, property address, and date of the transaction.
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