Get Form N-288c, Rev 2016, Application For Tentative Refund Of Withholding On Dispositions By

Filling out the Form N-288C is a crucial step for those seeking a refund of excess withholding on dispositions of Hawaii real property interests. This guide provides clear and detailed instructions to help users navigate and complete the form efficiently and accurately.

Follow the steps to effectively complete the form.

1. Press the ‘Get Form’ button to retrieve the form and open it for editing.
2. At the top of Form N-288C, indicate the taxable year for the transferor/seller if it differs from a calendar year. Include the transferor/seller’s name, address, and identification number, which must match the details on Form N-288A or be corrected if needed.
3. Describe the Hawaii real property transaction; include the property's address and description, along with the tax map key number.
4. Enter the gross sales price from the property sale. Attach a copy of the closing escrow statement related to this sale.
5. Calculate the cost or adjusted basis of the property, considering purchase commissions and improvements, and subtract any depreciation if applicable. Use the 'Computation of cost or other basis worksheet' as necessary.
6. Complete line 4 by subtracting line 3 from line 2. If you're using the installment method, include a separate sheet detailing principal payments received and compute the gross profit percentage.
7. If applicable, enter the tax liability. C corporations will multiply line 4 by 4%. Others will refer to the provided tax rate schedules to determine the correct entry for line 5.
8. Ensure the form is signed appropriately by the transferor/seller or an authorized agent. If filing jointly, your spouse's signature is also required.
9. Review the completed form for any incomplete sections, as these will be returned. Save your changes, download the completed form, and prepare to submit.

Complete your documentation online and ensure a smooth process for your tax refund.