N288B Form PDF Details

In the picturesque state of Hawaii, navigating real estate transactions involves specific protocols, particularly for nonresidents. One critical document in this process is Form N-288B, a comprehensive application for a Withholding Certificate for Dispositions by Nonresident Persons of Hawaii Real Property Interest. This form plays a pivotal role in the sale or transfer of real estate by individuals who do not reside in Hawaii. It is designed to ensure compliance with state tax obligations by requiring the seller to file it with the State of Hawaii's Department of Taxation before the property changes hands. Crucially, Form N-288B must be filed prior to the transfer date; failure to do so means the Department of Taxation will not approve the form, affecting the sale or transfer. The form also serves to determine whether a seller will realize any gain from the transfer and if the proceeds will be sufficient to cover the required withholding tax. This prerequisite underscores the importance of accurate and complete submissions, which include personal identification details of the parties involved, the specifics of the property transaction, and the financial intricacies linked to the property's sale. Interestingly, the form also caters to scenarios where the property was used as a rental, requiring the seller to provide their Hawaii Tax I.D. Number, further exemplifying the form's thoroughness. Following proper filing and approval, the Department decides on the necessity of withholding tax, guiding the next steps for both seller and buyer within the real property transaction landscape in Hawaii.

QuestionAnswer
Form NameN288B Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other nameshawaii n 288b, hawaii application withholding, n288b form, form 288b hi

Form Preview Example

 

STATE OF HAWAII __ DEPARTMENT OF TAXATION

Copy A - For State of Hawaii, Department of Taxation

 

FORM

Application for Withholding Certificate

 

 

 

 

N-288B

for Dispositions by Nonresident

 

 

 

 

(REV. 2019)

Persons of Hawaii Real Property

 

 

 

 

 

Interest

 

 

 

 

 

• File Copies A and B of this form with the Department of Taxation.

 

 

 

 

 

• DO NOT file Form N-288B if the transfer of property has already

 

 

 

 

 

taken place. The Department of Taxation will not approve Form

 

 

 

 

 

N-288B after the date of transfer reported on line 4a has passed.

 

 

 

 

 

• Please be sure to complete ALL lines and attach ALL supporting

 

 

 

 

 

documentation OR your application will be rejected.

 

 

 

 

 

• See Instructions on the back of Copy B.

 

 

 

 

 

 

 

 

 

1 Name of applicant (Transferor/seller)

 

Identification number (SSN or FEIN)

 

 

 

 

 

Mailing address where you want withholding certificate sent

 

 

Daytime phone no. of applicant

 

 

 

(

)

 

 

 

 

 

 

City, State, and ZIP code (province, postal code, and country)

 

 

 

 

2Names of all transferors/sellers (Attach additional sheets if more than one transferor/seller.)

Identification number (SSN or FEIN)

Address (number and street)

City, State, and ZIP code (province, postal code, and country)

3Names of all transferees/buyers (Attach additional sheets if more than one transferee/buyer.)

I.D. no. (Last 4 numbers of the SSN or FEIN)

Address (number and street)

City, State, and ZIP code (province, postal code, and country)

4Description of Hawaii real property transaction:

a Date of transfer (month, day, year).DO NOT file Form N-288B if the transfer of property has already taken place.

The Department of Taxation will not approve Form N-288B after the date of transfer has passed.

b Location and general description of property (Include tax map key number) ________________________________________________________

____________________________________________________________________________________________________________________

5Check the box to indicate the reason a withholding certificate should be issued.

NOTE: The transferor/seller is required under section 235-92, HRS, to file an income tax return whether or not the person derives a taxable gain.

…a The transferor/seller will not realize any gain with respect to the transfer. (Complete 5a on the back of Copy A.)

…b There will be insufficient proceeds to pay the withholding required under section 235-68(b), Hawaii Revised Statutes, after payment of

all costs, including selling expenses and the amount of any mortgage or lien secured by the property. (Complete 5b on the back of Copy A.)

6 Was the property used at anytime as a rental?

Yes

… No …

If yes, enter your Hawaii Tax I.D. Number.

 

 

Hawaii Tax I.D. Number

GE

 

 

 

 

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

h ___________________________________________

_______________________________

_________________________

Signature

Title (If applicable)

Date

h ___________________________________________

_______________________________

_________________________

Spouse’s signature (If applicable)

Title (If applicable)

Date

FOR OFFICIAL USE ONLY:

Approved:

 

 

 

Disapproved:

 

 

 

 

Month

 

Day

Year

 

Month

Day

Year

Amount required to be withheld

$

 

 

 

 

 

 

Signature

 

 

 

 

 

 

 

 

N288B_I 2019A 01 VID01

ID NO 01

FORM N-288B

FORM N-288B (REV. 2019)

5a. Calculation and written justification showing that the transferor/seller will not realize any gain with respect to the transfer. Attach a copy of a tentative statement from your escrow company for this transaction showing the gross sales price. Also attach a copy of your closing escrow statement from your purchase or acquisition of this property. (Note: You must provide documentation for all items in the calculation. Do NOT include any carryforward, net operating or suspended passive activity losses on line 2b.)

1.

Sales Price

 

$

__________________________

2a. Purchase price of property

____________________________

 

 

2b.

Add: Improvements (attach schedule)

____________________________

 

 

 

Selling expenses

____________________________

 

 

 

Other (attach list and schedule)

____________________________

 

 

2c.

Less: Depreciation (attach schedule)

____________________________

 

 

 

Other (attach list and schedule)

____________________________

 

 

3.

Adjusted basis of property. (Line 2a plus line 2b, minus line 2c)

$

__________________________

4.Line 1 minus line 3. If greater than zero, you DO NOT qualify for

a waiver of the withholding. Do not file this form with the State of Hawaii, Department of Taxation. Exception: If this property was used as your main home and you may qualify to exclude the entire gain, use Form N-103 as a

worksheet and attach Form N-103 to this Form N-288B.

$ __________________________

5b. Calculation and written justification showing that there will be insufficient proceeds to pay the withholding required under section 235-68(b), Hawaii Revised Statutes, after payment of all costs, including selling expenses and the amount of any mortgage or lien secured by the property. Attach a copy of a tentative statement from your escrow company for this transaction showing the distribution of funds received.

1a.

Sales price

 

 

 

$ __________________________

1b.

Sales proceeds to be received in forms

 

 

 

 

 

other than cash (describe) __________________________________

___________________________

1c.

Sales proceeds to be received in cash (Line 1a minus line 1b)

___________________________

2a.

Selling expenses. Attach a schedule

 

 

 

 

 

or list below to indicate the breakdown of

 

 

 

 

 

your calculations.

$ ________________________

 

2b.

Mortgage(s) secured by the property sold to

 

 

 

 

 

be paid off with cash proceeds

________________________

 

2c.

Other (list):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

Add lines 2a through 2c

$

__________________________

4.

Amount to be withheld. Line 1c minus line 3 (If less than zero, enter zero)

$

__________________________

 

STATE OF HAWAII __ DEPARTMENT OF TAXATION

Copy B - To be returned to Transferor/seller

 

FORM

Application for Withholding Certificate

 

N-288B

for Dispositions by Nonresident

 

(REV. 2019)

Persons of Hawaii Real Property

 

 

Interest

 

 

• File Copies A and B of this form with the Department of Taxation.

 

 

• DO NOT file Form N-288B if the transfer of property has already

 

 

taken place. The Department of Taxation will not approve Form

 

 

N-288B after the date of transfer reported on line 4a has passed.

 

 

• Please be sure to complete ALL lines and attach ALL supporting

 

 

documentation OR your application will be rejected.

 

 

• See Instructions on the back of Copy B.

 

 

 

 

1 Name of applicant (Transferor/seller)

Mailing address where you want withholding certificate sent

Daytime phone no. of applicant

 

(

)

 

 

 

City, State, and ZIP code (province, postal code, and country)

 

 

2Names of all transferors/sellers (Attach additional sheets if more than one transferor/seller.)

Address (number and street)

City, State, and ZIP code (province, postal code, and country)

3Names of all transferees/buyers (Attach additional sheets if more than one transferee/buyer.)

I.D. no. (Last 4 numbers of the SSN or FEIN)

Address (number and street)

City, State, and ZIP code (province, postal code, and country)

4Description of Hawaii real property transaction:

a Date of transfer (month, day, year).DO NOT file Form N-288B if the transfer of property has already taken place.

The Department of Taxation will not approve Form N-288B after the date of transfer has passed.

b Location and general description of property (Include tax map key number) ________________________________________________________

____________________________________________________________________________________________________________________

5Check the box to indicate the reason a withholding certificate should be issued.

NOTE: The transferor/seller is required under section 235-92, HRS, to file an income tax return whether or not the person derives a taxable gain.

…a The transferor/seller will not realize any gain with respect to the transfer. (Complete 5a on the back of Copy A.)

…b There will be insufficient proceeds to pay the withholding required under section 235-68(b), Hawaii Revised Statutes, after payment of

all costs, including selling expenses and the amount of any mortgage or lien secured by the property. (Complete 5b on the back of Copy A.)

6 Was the property used at anytime as a rental?

Yes

… No …

If yes, enter your Hawaii Tax I.D. Number.

 

 

Hawaii Tax I.D. Number

GE

 

 

 

 

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

h ___________________________________________

_______________________________

_________________________

Signature

Title (If applicable)

Date

h ___________________________________________

_______________________________

_________________________

Spouse’s signature (If applicable)

Title (If applicable)

Date

FOR OFFICIAL USE ONLY:

Approved:

 

 

 

Disapproved:

 

 

 

 

Month

 

Day

Year

 

Month

Day

Year

Amount required to be withheld

$

 

 

 

 

 

 

Signature

 

 

 

 

 

 

 

 

FORM N-288B

INSTRUCTION

STATE OF HAWAII — DEPARTMENT OF TAXATION

FORM N-288B

Instructions for Form N-288B

(REV. 2019)

Application for Withholding Certificate for Dispositions by

 

 

Nonresident Persons of Hawaii Real Property Interest

 

NOTE: References to “married” and “spouse” are also references to “in a civil union” and “civil union

 

partner,” respectively.)

General Instructions

Purpose of Form

Use Form N-288B to apply for a withholding cer- tificate to waive or adjust withholding on disposi- tions by nonresident persons of Hawaii real prop- erty interest. Use this form only for applications based on (1) a claim that the transferor/seller will not realize any gain with respect to the transfer, or

(2)a claim that there will be insufficient proceeds to pay the withholding required under section 235-68(b), Hawaii Revised Statutes (HRS), after payment of all costs, including selling expenses and the amount of any mortgage or lien secured by the property. If a nonresident transferor/seller transfers two or more Hawaii real property inter- ests, one Form N-288B should be filed for each property transferred.

Who Can Apply for a Withholding Certificate

The transferor/seller can file Form N-288B. If two or more nonresident transferors/sellers jointly transfer a Hawaii real property interest, a separate Form N-288B should be filed for each nonresident transferor/seller applying for a withholding certifi- cate. One Form N-288B should be filed for a tax- payer and spouse if they will be filing a joint return for the year in which they transferred their Hawaii real property interest.

Withholding Certificate

Upon receipt of Form N-288B, the State of Ha- waii, Department of Taxation (Department) shall determine whether the transferor/seller has re- alized or will realize any gain with respect to the transfer, or whether there will be insufficient pro- ceeds to pay the withholding. After the form has been approved or disapproved, a copy of the form will be returned to the transferor/seller, who shall thereafter transmit the form to the transferee/buyer.

If the Department is satisfied that no gain will be realized, the Department will waive the withhold- ing requirement and the transferee/buyer is not required to withhold any tax. The transferee/buyer shall attach a copy of the Form N-288B to Forms N-288 and N-288A, which must still be filed with the Department.

If the Department is satisfied that there will be insufficient proceeds to pay the withholding, the Department will adjust the amount required to be withheld and the transferee/buyer shall withhold the adjusted amount and submit the payment, Form N-288, Form N-288A, and Form N-288B to the Department.

When to File Form N-288B

Form N-288B must be filed with the Department no later than 10 working days prior to the date of

transfer. Forms N-288B filed later than 10 work- ing days prior to the date of transfer will not be accepted and will be returned to the transferor/ seller. The Department will not approve Forms N-288B after the date of transfer reported on line 4a has passed. Timely mailing of Form N- 288B by U.S. mail or any delivery service desig- nated for purposes of section 7502 of the federal Internal Revenue Code will be treated as timely filed. See Tax Information Release No. 97-3 for more information.

Where to Send Form N-288B

Copies A and B of Form N-288B must be mailed or hand delivered to the taxation district office listed below which is located in the county where the closing of the sale is taking place, or the county in which the property is located. After the form has been approved or disapproved, copy B of Form N-288B will be returned to the transferor/ seller at the address specified on line 1. If copy B of Form N-288B is not submitted, a copy of the form will not be returned to the transferor/seller. We do not fax confidential information concern- ing Form N-288B, nor do we accept Form N-288B through fax.

Specific Instructions

Line 2. Enter “Same as line 1” unless you are entering another address. If you entered a mailing address on line 1 that is not your actual address, enter your actual address on line 2. If there are multiple transferor/sellers, attach additional sheets giving the required information about each one, indicating ownership percentage and residency status.

Line 3. Enter the name, address, and iden- tification number (last 4 numbers of the SSN or FEIN), if any, of the transferee/buyer. The Internal Revenue Service (IRS) issues Individual Taxpayer Identification Numbers (ITINs) to certain aliens who are required to have a U. S. taxpayer identi- fication number but who do not have, and are not eligible to obtain, a social security number. The last 4 numbers of the ITIN issued by the IRS must be used as the individual’s identification number. If the individual has applied for an ITIN but the IRS has not yet issued the ITIN, write “Applied For.” If there are multiple transferee/buyers, attach addi- tional sheets giving the required information about each one.

Line 4. Enter the appropriate information. In 4b, enter the address and description of the property. Include the tax map key number.

Line 5. If 5a is checked, 5a on the back of Copy A must be completed. If 5b is checked, 5b on the back of Copy A must be completed.

NOTE: The transferor/seller is required under section 235-92, HRS, to file an income tax

return whether or not the person derives a taxable gain.

Line 6. If the property was used as a rental property at anytime by the transferor/seller(s), check the box marked “yes” and fill in the appropri- ate Hawaii Tax I.D. Number. If not, check the box marked “no.”

Back of Copy A

Line 5a(1). Enter the gross sales price from the sale. Attach a copy of a tentative statement from your escrow company for this transaction showing the gross sales price, the transferor(s)/seller(s), and the transferee(s)/buyer(s).

Line 5a(2a). Purchase price of property (attach tentative statement).

Line 5a(2b). Improvements: Attach schedule of improvements with contracts, invoices, receipts and any supporting documents. Selling expenses: List selling expenses such as commissions, state transfer taxes, etc. Other: Attach list and schedule any evidence supporting your claim.

Line 5a(4). Line 1 minus line 3. If greater than zero, you DO NOT qualify for a waiver of withhold- ing. Do not submit Form N-288B. Exception: If the sale of the property was your main home and you qualify to exclude the entire gain, use Form N-103 as a worksheet and attach Form N-103 to Form N-288B.

Line 5b(1a). Enter the gross sales price from the sale. Attach a copy of a tentative statement from your escrow company for this transaction showing the distribution of funds received, the transferor(s)/ seller(s), and the transferee(s)/buyer(s).

Line 5b(1b). Enter the amount of sales pro- ceeds to be received in forms other than cash, such as an agreement of sale or purchase money mortgage.

Line 5b(2a). Enter any expense of sale, such as commissions and state transfer taxes.

Line 5b(2c). Enter any other cost associated with the sale of the property, such as liens secured by the property.

Signature

Form N-288B must be signed by an individual, a responsible corporate officer, a member or gener- al partner of a partnership, or a trustee, executor, or other fiduciary of a trust or estate. If Form N- 288B is being filed by a taxpayer and spouse, both must sign the form. In addition, Form N-288B may be signed by an authorized agent with a power of attorney.

MAILING ADDRESSES

OAHU DISTRICT OFFICE

MAUI DISTRICT OFFICE

HAWAII DISTRICT OFFICE

KAUAI DISTRICT OFFICE

OFFICE AUDIT BRANCH - N-288B

RE: N-288B

RE: N-288B

RE: N-288B

P. O. BOX 259

54 S. HIGH STREET, #208

75 AUPUNI STREET, #101

3060 EIWA STREET, #105

HONOLULU, HAWAII 96809-0259

WAILUKU, HAWAII 96793-2198

HILO, HAWAII 96720-4245

LIHUE, HAWAII 96766-1889

(830 PUNCHBOWL STREET, #228)

808-984-8500

808-974-6321

808-274-3456

808-587-1644

 

 

 

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Completing this PDF demands attentiveness. Ensure every blank field is filled out correctly.

1. Begin filling out your 2019 hawaii application with a group of major fields. Consider all of the information you need and make sure nothing is neglected!

Filling out section 1 in form 288b hi

2. Soon after the last selection of blanks is done, go to enter the applicable details in all these: b Location and general description, Check the box to indicate the, NOTE The transferorseller is, a The transferorseller will not, all costs including selling, Was the property used at anytime, If yes enter your Hawaii Tax ID, Hawaii Tax ID Number, Please Sign Here, I hereby declare under penalties, Date, Spouses signature If applicable, Title If applicable, Date, and Signature.

form 288b hi completion process outlined (part 2)

3. Completing a Calculation and written, Sales Price, a Purchase price of property, b Add, Improvements attach schedule, Selling expenses, Other attach list and schedule, c Less Depreciation attach schedule, Other attach list and schedule, Adjusted basis of property Line a, Line minus line If greater than, a waiver of the withholding Do not, and b Calculation and written is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Filling out section 3 of form 288b hi

4. It is time to fill out this next part! In this case you will get all these b Calculation and written, a Sales price, b Sales proceeds to be received in, other than cash describe, c Sales proceeds to be received in, a Selling expenses Attach a, or list below to indicate the, b Mortgages secured by the, be paid off with cash proceeds, c Other list, Add lines a through c, and Amount to be withheld Line c blank fields to do.

Writing section 4 of form 288b hi

Always be extremely mindful while completing a Selling expenses Attach a and other than cash describe, since this is where many people make errors.

5. Now, the following last portion is what you should finish before finalizing the document. The blank fields in question are the next: Name of applicant Transferorseller, Mailing address where you want, City State and ZIP code province, Names of all transferorssellers, Address number and street, City State and ZIP code province, Daytime phone no of applicant, Names of all transfereesbuyers, ID no Last numbers of the SSN or, Address number and street, City State and ZIP code province, Description of Hawaii real, a Date of transfer month day year, DO NOT file Form NB if the transfer, and b Location and general description.

Daytime phone no of applicant, City State and ZIP code province, and Mailing address where you want in form 288b hi

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