Instructions for Schedule D-1 Sales of Business Property - Hawaii

This document contains official instructions for Schedule D-1 , Sales of Business Property - a form released and collected by the Hawaii Department of Taxation.

FAQ

Q: What is Schedule D-1?A: Schedule D-1 is a form used to report the sales of business property in the state of Hawaii.

Q: Who needs to file Schedule D-1?A: Individuals and businesses in Hawaii who have sold business property need to file Schedule D-1.

Q: What information is required on Schedule D-1?A: You will need to provide details about the property sold, the sales price, and any gains or losses.

Q: When is Schedule D-1 due?A: Schedule D-1 is generally due on the same day as your Hawaii income tax return, which is April 20th.

Q: Are there any penalties for not filing Schedule D-1?A: Yes, if you do not file Schedule D-1, you may be subject to penalties and interest on any unpaid taxes.

Q: What if I have multiple sales of business property? Do I need to file multiple Schedule D-1 forms?A: No, you can report all your sales of business property on a single Schedule D-1 form.

Q: Can I deduct any expenses related to the sale of business property on Schedule D-1?A: Yes, you may be able to deduct expenses such as commissions or attorney fees. Consult a tax professional for guidance.