Form 288C PDF Details

Navigating tax responsibilities can often feel like a journey through a dense forest. However, certain tools are designed to light the way, especially for nonresident persons engaging in real estate transactions within Hawaii. Among these, the Form N-288C stands out as a critical document for those looking to apply for a tentative refund of withholding on dispositions of Hawaii real property interests. Essentially, this form is a key step for nonresidents who have sold real estate in Hawaii and find themselves potentially overburdened by withholding taxes. The beauty of Form N-288C lies in its ability to provide relief ahead of the regular tax filing season, offering a beacon of hope for those who have not yet filed their annual tax return but have already felt the sting of withholding taxes. The form encompasses various sections, addressing personal details of the transferor/seller, specific information about the real estate transaction, and a detailed calculation segment to articulate the sales price, purchase price, improvements, selling expenses, and more. It also traverses through adjustments and deductions before arriving at the much-anticipated tentative refund of amount withheld. Importantly, the completion and successful submission of this document is not just about reclaiming funds; it represents compliance with Hawaii's Department of Taxation, ensuring that all parties navigate these waters smoothly and without future complication. With areas dedicated to individual filers, corporations, trusts, partnerships, and estates, the form acknowledges the diversity of its filers' backgrounds, tailoring its approach to accommodate a broad range of needs and circumstances. Furthermore, the form's instructions underline the importance of accuracy, completeness, and timeliness in its submission—crucial factors that can significantly influence the outcome of the application. As we delve deeper into the form, the references to ‘married’ and ‘spouse’ as also encompassing ‘in a civil union’ and ‘civil union partner,’ respectively, showcase an inclusive approach, mirroring broader societal shifts towards recognizing diverse forms of partnership.

QuestionAnswer
Form NameForm 288C
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesn 288c, hawaii form n 288a, hawaii form n288c, form n288c

Form Preview Example

FORM

STATE OF HAWAII—DEPARTMENT OF TAXATION

THIS SPACE FOR DATE RECEIVED STAMP

N-288C

APPLICATION FOR TENTATIVE REFUND OF WITHHOLDING

 

(REV. 2020)

ON DISPOSITIONS BY NONRESIDENT PERSONS OF HAWAII

 

REAL PROPERTY INTERESTS

For Tax Year Ending

(NOTE: References to “married” and “spouse” are also references to “in a civil union” and “civil union partner,” respectively.)

NOTE: DO NOT file this form unless you have received notification from the Department of Taxation that we have received your withholding payment.

Check only ONE box:

Individual

Corporation

Trust

Partnership

Estate

Name

 

 

Last Name

 

 

Suffix

Your Social Security Number

 

 

 

 

 

 

 

Spouse’s Name

 

 

Spouse’s Last Name

 

Suffix

Spouse’s Social Security Number

 

 

 

 

 

 

 

Name (Corporation, Partnership, Trust, or Estate)

 

 

 

 

 

Federal Employer I.D. No.

 

 

 

 

 

 

 

Trade Name/Doing Business As (DBA) Name or C/O

 

 

 

 

 

Daytime Phone No.

 

 

 

 

 

 

 

(

)

Mailing Address (number and street)

City or Province

State

Postal/ZIP Code

Country

Description of Hawaii real property transaction:

 

b. Location and general description of property

a. Date of transfer (mm-dd-yyyy)

__________________________________________________

c. Tax map key number

 

 

__________________________________________________

d. County where property is located

 

 

__________________________________________________

Was the property used at anytime as a rental?

Yes No If yes, enter your Hawaii Tax I.D. Number: GE __ __ __ -__ __ __ -__ __ __ __ - __ __

and indicate the start date and end date of the rental activity: (month, day, year) ____________________ to (month, day, year) ____________________

1.Enter the amount withheld on Form N-288A. (Attach a copy of Form N-288A)

2.Sales price (Attach final sales statement) .......................................................................................................................................................................................

3.

Purchase price of property (Attach final purchase statement)

3

 

 

4.

Improvements (Attach schedule)

 

 

 

 

 

4

 

 

 

 

5.

Selling expenses

5

 

 

 

 

6.

Other (Attach list and schedule)

6

 

 

 

 

7.

Total Additions — Add lines 4 thru 6

 

 

 

7

 

8.

Depreciation (Attach schedule)

8

 

 

 

 

9.

Other (Attach list and schedule)

9

 

 

 

 

10.

Total Subtractions — Add lines 8 and 9

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

 

11.Adjusted basis of property. (Line 3 plus line 7, minus line 10) .........................................................................................

12.Gain. Line 2 minus line 11 (See Instructions for installment sales) ..................................................................................

13.Enter the tentative tax on the gain (See Instructions) ......................................................................................................

14.REFUND of amount withheld. Line 1 minus line 13. (This line MUST be filled in.) ......................................................

1•

2

11

12

13•

14•

Please

Sign

Here

I hereby declare under penalties provided by section 231-36, HRS, that I have examined this application and accompanying attachments, and, to the best of my knowledge and belief, they are true, correct, and complete.

__________________________________

_________________________

__________________

Signature

Title (If applicable)

Date

__________________________________

_________________________

__________________

Signature

Title (If applicable)

Date

FORM N-288C (REV. 2020)

N288C_I 2020A 01 VID01

ID NO 01

FORM N-288C INSTRUCTIONS (REV. 2020)

General Instructions

Purpose of Form

Use Form N-288C to apply for a refund of the amount withheld on dispositions by nonresident persons of Hawaii real property interests which is in excess of the transferor/ seller’s tax liability for the transaction. It is not mandatory to file Form N-288C. Form N-288C should be filed if the Hawaii income tax return (Form N-15, N-20, N-30, N-35, or N-40) for the year is not yet available. If available, the transferor/seller should file the appropriate tax return in- stead of filing Form N-288C. However, if the transferor/ seller’s tax year has not ended, the transferor/seller may file Form N-288C. Also, Form N-288C will be rejected if it is filed after the due date of the tax return.

IMPORTANT: If Form N-288C was filed, the trans- feror/seller must still file a Hawaii income tax return (Form N-15, N-20, N-30, N-35, or N-40) af- ter the end of the taxable year, report the entire income for the year (from other sources as well as the transaction), and pay any additional tax due on the income or request a refund. You must file the same filing status on Forms N-288C and N-15.

Who May File an Application

The transferor/seller may file Form N-288C.

Where to Send Form N-288C

File Form N-288C with the Hawaii Department of Taxa- tion (Department). See the front of the form for the mailing address.

Specific Instructions

NOTE: Before you begin to fill in Form N-288C, you should review the notification you received from the Department that we received your withholding pay- ment to make sure that the information is correct. If any information is not correct, please return a cor- rected copy of the notification to the Department.

At the top of Form N-288C, enter the taxable year end- ing of the transferor/seller.

If your mailing address has changed, you must notify the Department of the change by completing Form ITPS- COA, Change of Address Form. Failure to do so may de- lay any important notices or correspondence to you.

Enter the name, address, and identification number (so- cial security number or federal employer I.D. number), if any, of the transferor/seller. The name and identification number entered MUST be the same as the name and identification number entered for the transferor/seller on Form N-288A, or as corrected on the copy of the notifica- tion you returned to the Department. If the transferor/seller was issued an individual taxpayer identification number (ITIN) by the IRS, enter the ITIN.

CAUTION: You must provide a valid tax identifica- tion number in order for a tentative refund applica- tion to be processed. If you do not have one, you must file a State income tax return (e.g., Form N-15) in order to obtain a refund, which can be filed only after your taxable year has ended. Attach to Form N-288C a copy of the escrow closing documents or other documents substantiating the amount of State income tax withheld, schedule of improvements with

PAGE 2

contracts, invoices, receipts, IRS Form 8824 for like- kind exchange, depreciation schedule and any other supporting documents. You must also report all other Hawaii sourced income and Hawaii tax withholdings, as well as any deductions or credits that you may have.

Enter the information describing the Hawaii real prop- erty transaction. In b, enter the address and description of the property. In c, enter the tax map key number. In d, en- ter the name of the county where the property is located.

Line 2. Enter the gross sales price. Attach a copy of your final sales statement.

Line 3. Enter the purchase price of the property. Attach a copy of your final purchase statement.

Line 4. Cost on improvements of the property, if any. At- tach schedule.

Line 5. Selling expense (i.e. commissions, state transfer taxes, etc.).

Line 6. Other costs. Attach list and schedule.

Line 7. Add lines 4, 5 and 6.

Line 8. Depreciation. Attach schedule.

Line 9. Other subtractions. Attach list and schedule. Do not include any carryforward losses, net operating losses, suspended passive activity losses or IRC section 121 ex- clusion. These losses may be claimed on seller’s Hawaii income tax return for the year of sale.

Line 10. Add lines 8 and 9.

Line 12. Line 2 minus line 11. If you are reporting the gain under the installment method, attach a separate sheet showing the principal payments received during the tax-

Tax Rate Schedules

Schedule I

SINGLE INDIVIDUALS AND MARRIED INDIVIDUALS FILING SEPARATE RETURNS

If the taxable income is:

The tax shall be:

Not over $2,400

1.40% of taxable income

Over $2,400 but not over $4,800

$34.00 plus 3.20% over $2,400

Over $4,800 but not over $9,600

$110.00 plus 5.50% over $4,800

Over $9,600 but not over $14,400

$374.00 plus 6.40% over $9,600

Over $14,400 but not over $19,200

$682.00 plus 6.80% over $14,400

Over $19,200 but not over $24,000

$1,008.00 plus 7.20% over $19,200

Over $24,000

$1,354.00 plus 7.25% over $24,000

Schedule II

MARRIED INDIVIDUALS FILING JOINT RETURNS AND CERTAIN WIDOWS AND WIDOWERS

If the taxable income is:

The tax shall be:

Not over $4,800

1.40% of taxable income

Over $4,800 but not over $9,600

$67.00 plus 3.20% over $4,800

Over $9,600 but not over $19,200

$221.00 plus 5.50% over $9,600

Over $19,200 but not over $28,800

$749.00 plus 6.40% over $19,200

Over $28,800 but not over $38,400

$1,363.00 plus 6.80% over $28,800

Over $38,400 but not over $48,000

$2,016.00 plus 7.20% over $38,400

Over $48,000

$2,707.00 plus 7.25% over $48,000

 

Schedule III

 

HEAD OF HOUSEHOLD

If the taxable income is:

The tax shall be:

Not over $3,600

1.40% of taxable income

Over $3,600 but not over $7,200

$50.00 plus 3.20% over $3,600

Over $7,200 but not over $14,400

$166.00 plus 5.50% over $7,200

Over $14,400 but not over $21,600

$562.00 plus 6.40% over $14,400

Over $21,600 but not over $28,800

$1,022.00 plus 6.80% over $21,600

Over $28,800 but not over $36,000

$1,512.00 plus 7.20% over $28,800

Over $36,000

$2,030.00 plus 7.25% over $36,000

able year and the gross profit percentage. Multiply the amount of the principal payments by the gross profit per- centage and enter the result on line 12.

Line 13. If you are a C corporation, multiply line 12 by 4% and enter the result on line 13. If you are a person other than a C corporation, you must use the tax rate schedules to the left to determine the amount to enter on line 13.

NOTE: These tax rates apply to long-term capital gains. For short-term capital gains, use the tax rates in the income tax booklets to determine the amount to enter on line 13.

For partnerships, S corporations, trusts, or estates, the gain on line 4 must be allocated among each partner or member, S corporation shareholder, or beneficiary of the trust or estate (member). Calculate the tax liability for each member. Enter the total tax liability of all members on line

13.Attach a schedule showing the name, identification number, and the amount of gain and tax liability allocated to each member. Also, show the computation of the tax liability for each member.

See federal Publication 523 for more information.

Signature

Form N-288C must be signed by an individual, a re- sponsible corporate officer, a member or general partner of a partnership, or a trustee, executor, or other fiduciary of a trust or estate or by an authorized agent with a power of attorney. If you file your income tax return as married filing a joint return, your spouse must also sign this form.

NOTE: Incomplete forms will be returned to the trans- feror/seller. Please fill out all items.

MAILING ADDRESS

HAWAII DEPARTMENT OF TAXATION

P. O. BOX 1530

HONOLULU, HAWAII 96806-1530

How to Edit Form 288C Online for Free

You'll be able to fill out hawaii n 288c without difficulty by using our online PDF editor. Our tool is consistently developing to grant the very best user experience possible, and that is thanks to our commitment to continual improvement and listening closely to feedback from users. To get the ball rolling, go through these easy steps:

Step 1: Simply click the "Get Form Button" in the top section of this site to start up our pdf file editing tool. This way, you will find all that is needed to work with your file.

Step 2: This editor offers the capability to work with your PDF document in various ways. Enhance it with personalized text, correct existing content, and put in a signature - all at your disposal!

Filling out this form requires focus on details. Ensure that each and every blank is filled in correctly.

1. It's important to complete the hawaii n 288c accurately, hence be mindful while filling in the segments comprising these specific blanks:

Completing part 1 in state of hawaii form n 288c

2. Once this section is completed, proceed to enter the suitable information in all these: a Date of transfer mmddyyyy c Tax, d County where property is located, Was the property used at anytime, Enter the amount withheld on Form, Sales price Attach final sales, Purchase price of property Attach, Improvements Attach schedule, Selling expenses, Other Attach list and schedule, Total Additions Add lines thru, Depreciation Attach schedule, Other Attach list and schedule, Total Subtractions Add lines, Adjusted basis of property Line, and Gain Line minus line See.

Other Attach list and schedule, Enter the amount withheld on Form, and Improvements Attach schedule inside state of hawaii form n 288c

3. The third stage is going to be easy - fill in all of the blanks in Please, Sign, Here, Title If applicable, Signature, Date, Signature, Title If applicable, Date, NCI A VID, ID NO, and FORM NC REV to complete this segment.

state of hawaii form n 288c writing process detailed (portion 3)

As for ID NO and Title If applicable, ensure you take another look here. Both of these are viewed as the most significant fields in the file.

Step 3: Right after you have looked over the details in the blanks, click on "Done" to finalize your document generation. Sign up with us today and easily access hawaii n 288c, prepared for download. Each and every change you make is conveniently saved , enabling you to edit the document later on if needed. Here at FormsPal.com, we aim to make sure that all of your information is maintained private.

Form 288C isn’t the one you’re looking for?

Related Documents