Form N-288A Statement of Withholding on Dispositions by Nonresident Persons of Hawaii Real Property Interests - Hawaii

What Is Form N-288A?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form N-288A?A: Form N-288A is the Statement of Withholding on Dispositions by Nonresident Persons of Hawaii Real Property Interests - Hawaii.

Q: Who needs to file Form N-288A?A: Nonresident persons who are disposing of Hawaii real property interests need to file Form N-288A.

Q: What is the purpose of Form N-288A?A: Form N-288A is used to report and remit withholding tax on the disposition of Hawaii real property interests by nonresident persons.

Q: What is the withholding tax rate for Hawaii real property dispositions?A: The withholding tax rate for Hawaii real property dispositions is currently 7.25%.

Q: What information is required on Form N-288A?A: Form N-288A requires information such as the seller's name, seller's tax identification number, buyer's name, purchase price, and the amount withheld.

Q: When should Form N-288A be filed?A: Form N-288A should be filed within 20 days after the date of closing or transfer of the real property.

Q: Are there any exemptions from withholding on Hawaii real property dispositions?A: Yes, there are exemptions available for certain types of dispositions, such as transfers between spouses or transfers to qualified intermediaries in a like-kind exchange.

Q: What happens if Form N-288A is not filed or the withholding tax is not remitted?A: Failure to file Form N-288A or remit the withholding tax can result in penalties and interest.