When you sell property, you have to figure the proceeds of the sale as compared to the adjusted basis of the property. Will I owe tax to Hawaii on the sale of my Hawaii Property? However if you DO owe capital gains, General Excise, and/or Transient Accommodations taxes, then it is possible that you might actually owe MORE tax than the amount withheld. If you have no gain at all on your Hawaii property sale, for example, and you are current on your GE and TA taxes you might get ALL of these withholding back as a refund. The amount withheld is designed to be only a rough estimate and may not be anywhere near your actual tax liability.
It’s like a “deposit” or a “retainer” to make sure you file and pay the required Hawaii Income, General Excise, and Transient Accommodations Taxes, as applicable. Update: Any property dispositions on or after the 15th of September that do not qualify for an exemption will now be subject to a 7.5% withholding rate. Hawaii Department of Taxation will want at closing, 5 percent of the sale. When you live out of state and you sell property in Hawaii, the transaction may be subject to tax withholding. Tax Services Oahu Tax Preparation Services What is HARPTA and why does Hawaii keep my money?
#HAWAII CONVEYANCE TAX HOW TO#
Simple guide to HARPTA – why Hawaii withholds money on your property sale and how to get it back quickly.
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