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This form is used to report and transmit the amount withheld for tax obligations on transfers of Hawaii real property interests by nonresident persons.

How to fill out hawaii withholding tax return

How to fill out Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests

1. Obtain the Hawaii Withholding Tax Return form (Form N-288) from the Hawaii Department of Taxation website.
2. Fill out the taxpayer information, including name, address, and identification number.
3. Provide details of the property transaction, including the date of disposition, sale price, and buyer’s information.
4. Calculate the withholding amount based on the sale price using the prescribed rate for nonresident dispositions.
5. Check if any exemptions apply, such as certain deductions related to the transaction.
6. Include any required attachments or supporting documents relevant to the transaction.
7. Sign and date the form to certify that all information provided is accurate.
8. Submit the completed form to the Hawaii Department of Taxation, along with any required payment for the withholding amount.

Who needs Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

1. Nonresident individuals or entities who are disposing of Hawaii real property interests.
2. Sellers of real property who are not residents of Hawaii and must comply with state withholding regulations.
3. Real estate professionals who facilitate such transactions for nonresident sellers.

People Also Ask about

What is the current rate for withholding tax?

The Withholding Tax Rate in Nigeria stands at 10 percent. Withholding Tax Rate in Nigeria averaged 10.00 percent from 2022 until 2024, reaching an all time high of 10.00 percent in 2023 and a record low of 10.00 percent in 2023.

What is certification for exemption from withholding of tax on the disposition of Hawaii real property?

Form N-289 is used to certify that withholding tax is not required upon the disposition of Hawaii real property. This form must be completed by the transferor/seller and provided to the transferee/buyer. The certification allows for tax exemption under specific conditions outlined in Hawaii Revised Statutes.

What is the withholding tax in Hawaii for non residents?

In Hawaii, when you purchase property from a non-resident, it's generally required that you withhold 7.25% of the transaction amount to cover the state sales tax, which is typically the seller's responsibility.

What is the non resident withholding in Hawaii?

In Hawaii, when you purchase property from a non-resident, it's generally required that you withhold 7.25% of the transaction amount to cover the state sales tax, which is typically the seller's responsibility. As the buyer, you'll need to complete Form N-288 to manage this aspect of the transaction.

What is non-resident withholding tax in the USA?

Generally, NRA withholding describes the withholding regime that requires 30% withholding on a payment of U.S. source income and the filing of Form 1042 and related Form 1042-S. Payments to all foreign persons, including nonresident alien individuals, foreign entities and governments, may be subject to NRA withholding.

Do I have to file a Hawaii tax return?

Every individual doing business in Hawaii during the taxable year must file a return, whether or not the individual derives any taxable income from that business. Every individual receiving more than the allowed amounts of gross income listed below, must file a Hawaii state return.

Does Hawaii have state withholding tax?

Overview. Employers need to withhold Hawaii income taxes on employee wages. Employers then pay the withheld taxes to the State of Hawaii, Department of Taxation (DOTAX). Employees reconcile their withholding taxes paid as part of their Individual Income tax return.

What is the Hawaii real estate withholding tax?

Under HARPTA, the standard withholding rate is 7.25% of the total sales price. This amount is withheld at closing and remitted to the Hawaii Department of Taxation. For example, if you' sell a property for $500,000, the amount withheld would be $36,250.

For pdfFiller’s FAQs

What is Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

The Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests is a tax form that nonresident individuals or entities must file when they sell or transfer real property interests in Hawaii. This form ensures that the state collects the required withholding tax from the proceeds of the sale.

Who is required to file Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

Nonresident persons or entities who sell or transfer real property interests in Hawaii are required to file this tax return. This includes individuals or entities that are not residents of Hawaii and engage in real estate transactions in the state.

How to fill out Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

To fill out the Hawaii Withholding Tax Return, a taxpayer must provide details of the transaction such as the names and addresses of the buyer and seller, the property description, the sales price, and calculate the appropriate withholding tax based on the sale amount. Supporting documentation should be included as necessary.

What is the purpose of Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

The purpose of this tax return is to ensure compliance with Hawaii tax laws by nonresidents who dispose of real property. It helps the state collect taxes owed on the gains realized by nonresidents from their real estate transactions in Hawaii.

What information must be reported on Hawaii Withholding Tax Return for Dispositions by Nonresident Persons of Hawaii Real Property Interests?

The information that must be reported includes the names and addresses of the seller and buyer, a description of the property, the date of the transaction, the sales price, the amount of tax withheld, and any exemptions that may apply. Additionally, any relevant transaction documentation should be submitted.