Brent Foster
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Recent activity by Brent Foster-
Is the security deposit received from a tenant considered income?
The security deposit you receive from your tenant is reported as income at the time you decide to keep all or part of the deposit because your tenant did not live up to the terms of the lease. For ...
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Is there a deadline for filing this information with the Department of Taxation?
Every person authorized to collect rent for another person must file a copy of the first page of the rental collection agreement with the Department of Taxation within 30 days after entering into t...
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Who is responsible for applying for a license and paying the general excise and transient accommodations taxes for property held in a trust?
The trustee is responsible for registering the trust for the payment of general excise and transient accommodations taxes on gross income received from rental property held by the trust.
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When are general excise and transient accommodations tax returns due?
Periodic tax returns (Forms G-45 and TA-1) are due one month following the close of the filing period; that is, you have one month to file them. For example, the tax return for the semiannual perio...
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What income tax forms do I file to report my rental income and expenses?
Resident individuals filing Form N-11 will report their net rental income or loss as part of their federal adjusted gross income directly on the Form N-11. Resident individuals filing Form N-12 an...
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Where can I get additional information regarding the general excise and transient accommodations taxes?
For general information, you may request a copy of Department of Taxation’s publications entitled, “An Introduction to the General Excise Tax” and “An Introduction to the Transient Accommodations T...
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If a wholesaler sells an item to a retailer who then sells that same item to me, isn’t that double taxation?
No. Double taxation occurs when the same sales transaction is taxed twice. In this situation, there are two sales transactions and each is separately taxed. The wholesaler is taxed at 0.5% on its s...
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Can businesses charge GET to tax‑exempt organizations such as nonprofits, government agencies, and credit unions?
Yes. Sales to tax-exempt customers are generally subject to GET. There are no GET exemptions based on a customer’s tax-exempt status. As a result, we do not issue tax exemption certificates to tax-...
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Are nonresidents exempt from paying the GET on goods purchased in Hawaii?
There is no GET exemption for goods sold in Hawaii to nonresidents. We do not issue tax exemption certificates to tourists or other nonresidents to exempt their purchases from Hawaii businesses. Ho...
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Are businesses required to charge GET?
No. It is common for businesses to charge their customers GET by visibly passing it on, but it is not required by law. Businesses must pay GET whether or not they charge their customers for it. In...