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 tax form used in Hawaii to report the sales of business property.

Q: Who needs to file Schedule D-1?A: Any individual or business that has sold or transferred business property in Hawaii needs 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 date of sale, the amount received, and any expenses associated with the sale.

Q: When is the deadline to file Schedule D-1?A: The deadline to file Schedule D-1 is the same as the deadline for your Hawaii income tax return, which is usually April 20th.

Q: Are there any penalties for not filing Schedule D-1?A: Yes, if you fail to file Schedule D-1 or if you underreport the sales of business property, you may be subject to penalties and interest.

Q: Can I e-file Schedule D-1?A: No, currently Hawaii does not offer electronic filing for Schedule D-1. You will need to file a paper copy.

Q: Can I claim any deductions on Schedule D-1?A: Yes, you may be able to deduct certain expenses related to the sale of business property, such as commissions and legal fees. Consult a tax professional for more information.

Q: Do I need to include supporting documents with Schedule D-1?A: It is recommended to keep all supporting documents, such as sales contracts and receipts, but you do not need to submit them with your Schedule D-1. Keep them for your records in case of an audit.