Brent Foster
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Recent activity by Brent Foster-
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?
Yes. A Hawaii income tax return must be filed whether you have a profit or a loss from your rental business.
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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?
There is no minimum amount of tax you have to pay. If you do not have any gross income to report for the filing period, just file the periodic tax return with a zero (0) in the appropriate columns....
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If the general excise and transient accommodations taxes are levied on gross rental income, does that mean that nothing is deductible?
Very few exemptions or deductions are allowed. Most business expenses allowed as deductions on your income tax return (e.g. cost of repairs, interest expense, management fees, utilities, real prope...
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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?
Yes. The rental income received from relatives is subject to the general excise tax. If the accommodation being rented to your son and his family is their permanent place of residence, then it is n...
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Will it make a difference if I visibly pass on the general excise and transient accommodation taxes?
Yes it will. First, an amount visibly passed on to the tenant 4 or guest and represented to be the transient accommodations tax is excluded from gross income subject to the general excise tax. Sec...
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What percent of my gross rental income will I have to pay as general excise and transient accommodations taxes?
The general excise tax rate is 4% of your gross rental income from a lease. Beginning October 1998, if you are subleasing real property, you will be allowed a deduction of a percentage of your gros...
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What do I need to do to register for the general 5 excise and transient accommodations taxes?
To register for both the general excise and transient accommodations taxes, you must fill out the Basic Business Application (Form BB-1). This application should be filed in the district in which y...
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Will I be issued one identification number for the general excise tax and a separate identification number for the transient accommodations tax?
No. Form BB-1, is used to register for one, or any combination of the five taxes listed — general excise, employer’s withholding, use, transient accommodations, and rental motor vehicle & tour vehi...
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If I have more than one rental property, must I apply for a separate general excise and transient accommodations tax identification number for each property?
No. Only one identification number is needed for all of your rental properties, even if the properties are located in different districts, as long as the ownership of each property is identical. (A...
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My wife and I jointly own a rental property. Do we have to apply for separate general excise and transient accommodations identification numbers?
No. You are not required to separately register. Co-owners who rent and maintain property (including a husband and wife) but who do not operate as a partnership, corporation or trust, may report th...