Instruction For Form N-288c - 2000

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FORM N-288C INSTRUCTIONS
(REV. 2000)
General Instructions
Specific Instructions
Line 3. In general, the cost or adjusted basis is the
cost of the property plus purchase commissions
NOTE: Before you begin to fill in Form
Purpose of Form
and
improvements,
minus
depreciation
(if
N-288C, you should review the notification
Use Form N-288C to apply for a refund of the
applicable). Increase the cost or other basis by
you received from the Department of
amount withheld on dispositions by nonresident
any expense of sale, such as commissions and
Taxation that we have received your
persons of Hawaii real property interests. Use this
state transfer taxes.
Complete the schedule
withholding payment to make sure that the
form to apply for a refund of the amount withheld
below and enter the amount from line 4 onto the
which is in excess of 1) the transferor/seller’s tax
information contained in it is correct. If any
front of Form N-288C, line 3.
liability for the transaction, or 2) the adjusted
information is not correct, please return a
amount required to be withheld as approved on
Line 4. Line 2 minus line 3. However, if you are
copy of the notification to the Department of
Form N-288B.
reporting the gain under the installment method,
Taxation with the corrected information.
attach a separate sheet showing the principal
IMPORTANT: The transferor/seller must
At the top of Form N-288C, enter the taxable
payments received during the taxable year and
still file a Hawaii income tax return (Form
year of the transferor/seller if it is other than a
the gross profit percentage. Multiply the amount of
N-15, N-20, N-30, N-35, or N-40) after the
calendar year.
the principal payments by the gross profit
end of the taxable year, report the entire
Also, enter the name, address, and identification
percentage and enter the result onto the front of
income for the year (from other sources
number (social security number or federal I.D.
number), if any, of the transferor/seller applying for a
Form N-288C, line 4.
as well as the transaction), and pay any
refund of the amount withheld. The name and
additional tax due on the income or
Line 5b. If you are a person other than a C
identification number entered MUST be the same as
request a refund.
corporation, you must use the schedules below to
the name and identification number entered for the
determine the amount to enter on line 5. Schedule
Who May File an Application
transferor/seller on Form N-288A, or as corrected
I should be used by single taxpayers and married
on the copy of the notification you returned to the
The transferor/seller may file Form N-288C.
taxpayers filing separate returns. Schedule II
Department of Taxation. If the transferor/seller was
NOTE: Under Section 235-111, Hawaii
should be used by married taxpayers filing joint
issued an individual taxpayer identification number
Revised Statutes, any claim for credit or
(ITIN) by the IRS, enter the ITIN.
returns and certain widows and widowers.
refund of an overpayment of taxes must be
Schedule III should be used by unmarried heads
Also, enter the information describing the
filed within three years from the due date of
Hawaii real property transaction. In b, enter the
of household.
the return, or within two years from the time
address and description of the property. Include
For partnerships, S corporations, trusts, or
the tax was paid, whichever is later.
the tax map key number.
estates, the gain on line 4 must be allocated
among each partner or member, S corporation
Where To Send Form N-288C
Line 2. Enter the gross sales price from the sale.
shareholder, or beneficiary of the trust or estate.
Attach a copy of your closing escrow statement
File Form N-288C with the appropriate taxation
Calculate the tax liability for each partner or
from your sale of this property.
district office listed on the front of the form.
member,
S
corporation
shareholder,
or
beneficiary of the trust or estate. Enter the total
tax liability of all partners or members, S
2001 Tax Rate Schedules
corporation shareholders, or beneficiaries of the
Schedule I
trust or estate on line 5.
Attach a schedule
showing the name, identification number, and the
SINGLE INDIVIDUALS AND MARRIED INDIVIDUALS FILING SEPARATE RETURNS
amount of gain and tax liability allocated to each
If the taxable income is:
The tax shall be:
partner or member, S corporation shareholder, or
Not over $2,000..................................................................1.50% of taxable income
beneficiary of the trust or estate. Also, show the
Over $2,000 but not over $4,000 .......................................$30.00 plus 3.70% over $2,000
computation of the tax liability for each partner or
Over $4,000 but not over $8,000 .......................................$104.00 plus 6.40% over $4,000
member,
S
corporation
shareholder,
or
Over $8,000 but not over $12,000 .....................................$360.00 plus 6.90% over $8,000
beneficiary of the trust or estate.
Over $12,000 .....................................................................$636.00 plus 7.25% over $12,000
Act 157, Session Laws of Hawaii 1998, changed
Schedule II
income tax brackets and reduced the tax rates for
the taxable year beginning after December 31,
MARRIED INDIVIDUALS FILING JOINT RETURNS AND CERTAIN WIDOWS AND WIDOWERS
1998. If you are an individual, estate, or trust on a
If the taxable income is:
The tax shall be:
fiscal year basis, please contact the Department of
Not over $4,000..................................................................1.50% of taxable income
Taxation for more information to determine the
Over $4,000 but not over $8,000 .......................................$60.00 plus 3.70% over $4,000
amount to enter on line 5.
Over $8,000 but not over $16,000 .....................................$208.00 plus 6.40% over $8,000
Signature
Over $16,000 but not over $24,000 ...................................$720.00 plus 6.90% over $16,000
Over $24,000 ....................................................................$1,272.00 plus 7.25% over $24,000
Form N-288C must be signed by an individual, a
responsible corporate officer, a member or
Schedule III
general partner of a partnership, or a trustee,
HEAD OF HOUSEHOLD
executor, or other fiduciary of a trust or estate. In
If the taxable income is:
The tax shall be:
addition, Form N-288C may be signed by an
Not over $3,000..................................................................1.50% of taxable income
authorized agent with a power of attorney. If you
Over $3,000 but not over $6,000 .......................................$45.00 plus 3.70% over $3,000
file your income tax return as married filing a joint
Over $6,000 but not over $12,000 .....................................$156.00 plus 6.40% over $6,000
return, your spouse must also sign this form.
Over $12,000 but not over $18,000 ...................................$540.00 plus 6.90% over $12,000
NOTE: Incomplete forms will be returned to
Over $18,000 ....................................................................$954.00 plus 7.25% over $18,000
the transferor/seller. Please fill out all items.
Computation of cost or other basis
1.
Purchase price of property
$
2.
Add:
Improvements
$ _________________
Selling expenses
_________________
Other (list)
___________________________
_________________
3.
Less:
Depreciation
_________________
Other (list)
___________________________
_________________
4.
Adjusted basis of property. (Line 1 plus line 2, minus line 3)
$

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