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Posted by scott s. on May 3, 2008, 10:27 am
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>
> Five percent withholding of what? Sales price? Net taxable profit?
> Any exceptions?
Katie provided the link to that, separately.
>
> If anyone knows, I'm curious whether Hawaii will ask, based on the
> Form N-15, where is the 4% excise tax on monthly rents you should
> have been collecting and remitting all this time? (Hawaii has an
> excise tax in lieu of sales tax, and it includes residential rents).
>
> My question assumes that you have not actually been collecting and
> remitting it, and also that you are most likely a landlord since you
> are selling residential property as a non-resident (which is all the
> information the state has to go on).
The resident return (N-11/N-12) has a line for your GET Id# and
gross income for Fed sked E amounts (among others). From time to time
PR releases end up in the paper to the effect that HI DoTax is going
to check for GET failure to pay. I believe the law requires a
non-resident to have a property manager in the State of Hawaii, at
least for residential rentals, and in my personal experience, the
property manager is going to pay the GET out of owner funds, prior to
providing any net to the property owner.
scott s.
..
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