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| General Information regarding HARPTA |
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| Is Seller selling the property at a loss? |
- If the Seller will not realize any gain, or
- There will be insufficient proceeds to pay the withholding (5%) after payment of all costs, including mortgage(s) on property.
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Seller can complete the State of Hawaii Department of Taxation FORM N-288B "Application for Withholding Certificate for Dispositions by Nonresident Persons of Hawaii Real Property Interest" to apply for a withholding certificate to waive or adjust withholding. Online info: http://www.state.hi.us/tax/a1_b3_6harpta.htm"
Form N-288B has 4 pages consisting of Copy A (2 pages), Copy B (1 page) and Instructions. Please read the instructions page for detailed information on the following: |
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- Who can apply for a withholding certificate
If two or more nonresident sellers, a separate Form N-288B should be filed for each nonresident seller applying for a withholding certificate. If husband and wife will be filling a joint return, only one form is required.
- When to File Form N-288B
Form N-288B must be filed at least 10 working days prior to close of escrow. If the form is filed less than 10 working days before close of escrow, IT WILL NOT BE ACCEPTED.
- Where to Send Form N-288B
Each island has an office — refer to instructions page for details. Hawaii District office, RE: N-288B, P.O. Box 833, Hilo, Hawaii, 96721-0833 (office located at 75 Aupuni St., #101 in Hilo) Telephone: 808-974-6321
- Specific instructions include:
Copy of final purchase statement from when Seller purchased the property and estimated seller closing statement for this transaction must be attached to Form N-288B.
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