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.

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: The purpose of Form N-288A is to report and withhold taxes on the dispositions of Hawaii real property interests by nonresident persons.

Q: What information is required on Form N-288A?
A: Form N-288A requires information such as the seller's name, address, social security or employer identification number, and details about the property disposition.

Q: When should Form N-288A be filed?
A: Form N-288A should be filed within 10 days after the disposition of the Hawaii real property interest.

Q: How much withholding is required on the disposition of Hawaii real property interests?
A: The withholding amount is generally 7.25% of the sales price or fair market value of the property, unless an exemption applies.

Q: Are there any exemptions to the withholding requirement?
A: Yes, there are certain exemptions that may apply, such as if the seller is a U.S. citizen or resident alien, or if the sales price is below a certain threshold.