Hawaii Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption
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FAQ
Yes, not reporting a 1099 can lead to serious consequences including fines and the potential for tax audits. The IRS takes reporting seriously, and missing documents can raise a red flag. If you feel unsure about your reporting status, obtaining the Hawaii Certification of No Information Reporting on Sale or Exchange of Principal Residence - Tax Exemption is advisable. This certification can help confirm your compliance.
According to Hawaii Instructions for Form N-11, every individual doing business in Hawaii during the taxable year must file a return, whether or not the individual derives any taxable income from that business.
Forms G-45, G-49, and GEW-TA-RV-6 can be filed and payments made electronically through the State's Internet portal. For more information, go to tax.hawaii.gov/eservices/. The GET is a tax imposed on the gross income you receive from any business activity you have in Hawaii.
How Is the Conveyance Tax Determined? One dollar and twenty-five cents ($1.25) per $100 of the actual and full consideration for properties with a value of $10,000,000 or greater . The conveyance tax imposed for each transaction shall be not less than one dollar ($1.00).
The amount collected under the HARPTA law is 7.25% of the sales price. What is the actual Hawaii capital gains tax? The Hawaii capital gains tax on real estate is 7.25%.
Other Exceptions to the HARPTA Withholding Requirement:If the seller does not realize a gain or loss with the sale, e.g. 1031 exchange. Or, If the property was used as the seller's principal residence for the year before the sale and the sales price is $300K or less.
Form P-64B, Rev 2019, Exemption from Conveyance Tax.
File a Form N-288B (with Form N-103 included if applicable) in a timely manner prior to closing to avoid HARPTA withholding altogether if you qualify. Or, maybe you qualify for an N-289 exemption? Alternatively, you may need to file a Form N-288C to get your money back2026 if you don't qualify for an exemption.
1 What is HARPTA? Under HARPTA (section 235-68, Hawaii Revised Statutes (HRS)), every buyer is required to withhold and pay to the Department of Taxation (Department) 7.25% of the amount realized on the disposition of Hawaii real property.
The amount collected under the HARPTA law is 7.25% of the sales price. What is the actual Hawaii capital gains tax? The Hawaii capital gains tax on real estate is 7.25%.
