If the rental was your only business activity, you should cancel your general excise and transient accommodations tax identification number by completing Form GEW-TA-RV-1 “Notification of Cancellation.” However, if you think you may acquire another rental property or start another business in the future, you may instead choose to send a written request asking that your general excise and transient accommodations tax accounts be placed on an inactive status for a period of 2 years if you do not plan to continue your rentals in the following year, but do not want to cancel your registration at this time.
If you are still operating other businesses, you should delete the rental business activity from our tax records by completing Form GEW-TA-RV-5, “General Excise, Use, Employer’s Withholding, Transient Accommodations, and Rental Motor Vehicle & Tour Vehicle Surcharge Application Changes Form.” This form is in your tax forms booklet.
A capital gain realized on the sale of residential rental property is subject to the Hawaii income tax. Generally, any capital gain or loss from the sale of your rental property is reported on Schedule D-1, Supplemental Schedule of Gains and Losses, and the Capital Gains and Losses Worksheet found in the instructions for Forms N-11, N-12, and N-15. For more information on the income tax, you may call any district tax office.
Comments
0 comments
Please sign in to leave a comment.