Because you are a nonresident, the purchaser may be required to withhold 5 percent of the total sales price from the amount due to you at the time of sale. The amount withheld will be credited to your income tax account for the year of sale and may be claimed when you file your income tax return. For more information, you may request a copy of Tax Information Release Nos. 90-14 and 91-7 on “Withholding of Tax on the Disposition of Real Property by Nonresident Persons . . .” from any district tax office.
Articles in this section
- What must I do if I sell my rental property?
- Is the GET a sales tax?
- Because of all of my expenses, depreciation, etc., I always show a loss on my income tax return. Do I still have to file a Hawaii income tax return?
- Is there any minimum amount of tax I have to pay? If I only rent out one room in my house, will I still have to pay the general excise and transient accommodations taxes?
- If the general excise and transient accommodations taxes are levied on gross rental income, does that mean that nothing is deductible?
- If I rent an accommodation to relatives such as my son and his family, is the rental income I receive subject to the general excise and transient accommodations taxes?
- Will it make a difference if I visibly pass on the general excise and transient accommodation taxes?
- What percent of my gross rental income will I have to pay as general excise and transient accommodations taxes?
- What do I need to do to register for the general 5 excise and transient accommodations taxes?
- Will I be issued one identification number for the general excise tax and a separate identification number for the transient accommodations tax?
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