Brent Foster
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Recent activity by Brent Foster-
Can businesses charge more than the maximum rates?
No. Consumer protection laws prohibit businesses from charging customers more GET than the business will pay on the transaction. The Office of Consumer Protection will take immediate action agains...
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My management agreement states that the managing agent will pay the general excise and transient accommodations taxes for me. If the managing agent doesn’t do all the paperwork and pay these taxes for me, will I be penalized?
Yes. Because the general excise and transient accommodations taxes are imposed on you, you are responsible for making sure that accurate returns are timely filed, and that any taxes due are paid in...
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My parents had a rental property which they gave to me. Do I need to apply for my own general excise and transient accommodations tax identification number, or can their number be transferred to me?
You must apply for your own general excise and transient accommodations identification number. Identification numbers are not transferable. Whenever there is a change of ownership, a new identifica...
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Instead of a written agreement, an oral rental collection agreement was made. What must the rental agent do in order to comply with this law?
The rental agent must furnish the Department the required information which normally would have been written on the 1st page of a written agreement.
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What is included in gross rental income?
Your gross rental income is any amount you receive for the use or occupation of your property. It includes amounts paid to you in the form of cash, goods, or services as compensation for furnishing...
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Are there any registration fees?
There is a one-time fee that must be paid for each tax at the time the application is submitted. The fees are $20.00 for the general excise tax; either $5.00 for taxpayers having 1 to 5 transient a...
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Does renting out my house mean that I am in business?
es. A person receiving gross income from the rental of a condominium, a house, an apartment, or any other real property located in Hawaii is deemed to be engaged in a business activity.
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Do I have to include as income penalties I charge my tenant when the rent payment is late or when my tenant breaks the lease?
The penalty payments are reported as “other income” under the general excise tax but are not included in gross rental income under the transient accommodations tax.
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My managing agent collects the rent for me, deducts his/her management fee, and sends me the rest. Do I pay the general excise and/or transient accommodations taxes on only the net amount I receive or on the total rent paid by the tenant?
The general excise and/or transient accommodations taxes are imposed on the total rent paid by tenant ($390.00). The management fee ($39.00) is merely an expense of doing business and therefore is ...
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My tenant is going to be on a trip when the rent is due so he gave me the January rent in December. Do I report the rent payment based on when I received the payment (December) or based on the month the rent was paid for (January)?
If you use the cash method of accounting, report the rent payment based on when you received the payment (December). If you use the accrual method of accounting, report the rent payment based on th...