Form N-288c - Application For Tentative Refund Of Withholding On Dispositions By Nonresident Persons Of Hawaii Real Property Interests - 2016 Page 2
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1
2FORM N-288C INSTRUCTIONS
(REV. 2015)
PAGE 2
General Instructions
of an overpayment of taxes must be filed
on the copy of the notification you returned to the
within three years from the due date of the
Department. If the transferor/seller was issued an
Purpose of Form
return, or within two years from the time the
individual taxpayer identification number (ITIN)
tax was paid, whichever is later.
by the IRS, enter the ITIN. If the individual has
Use Form N-288C to apply for a refund of the
applied for an ITIN but the IRS has not yet issued
amount withheld on dispositions by nonresident
Where to Send Form N-288C
the ITIN, write “Applied For”.
persons of Hawaii real property interests which
File Form N-288C with the Hawaii Department
Also, enter the information describing the
is in excess of the transferor/seller’s tax liability
of Taxation (Department). See the front of the
Hawaii real property transaction. In b, enter the
for the transaction. Form N-288C should be
form for the mailing address.
address and description of the property. In c,
filed if the Hawaii income tax return (Form N-15,
Specific Instructions
enter the tax map key number.
N-20, N-30, N-35, or N-40) for the year is not
yet available. If available, the transferor/seller
Line 2. Enter the gross sales price from the sale.
NOTE: Before you begin to fill in Form N-
should file the appropriate tax return instead of
Attach a copy of your closing escrow statement
288C, you should review the notification
filing Form N-288C. Also, Form N-288C will be
from your sale of this property.
you received from the Department that we
rejected if it is filed after the due date of the tax
Line 3. In general, the cost or adjusted basis is
have received your withholding payment to
return.
make sure that the information contained in
the cost of the property plus purchase commis-
IMPORTANT: If Form N-288C was filed,
it is correct. If any information is not correct,
sions and improvements, minus depreciation (if
the transferor/seller must still file a Ha-
please return a copy of the notification to the
applicable). Increase the cost or other basis by
waii income tax return (Form N-15, N-20,
Department with the corrected information.
any expense of sale, such as commissions and
N-30, N-35, or N-40) after the end of the
state transfer taxes. Do not include any carryfor-
taxable year, report the entire income for
At the top of Form N-288C, enter the taxable
ward losses, net operating losses or suspended
the year (from other sources as well as
year of the transferor/seller if it is other than a
passive activity losses. Complete the Computa-
the transaction), and pay any additional
calendar year.
tion of cost or other basis worksheet below and
tax due on the income or request a re-
Also,
enter
the
name,
address,
and
enter the amount from line 4 of the worksheet to
fund.
identification number (social security number
the front of Form N-288C, line 3.
or federal employer I.D. number), if any, of the
Who May File an Application
Line 4. Line 2 minus line 3. If you are reporting
transferor/seller applying for a refund of the
the gain under the installment method, attach a
The transferor/seller may file Form N-288C.
amount withheld. The name and identification
separate sheet showing the principal payments
NOTE: Under Section 235-111, Hawaii Re-
number entered MUST be the same as the
received during the taxable year and the gross
name and identification number entered for the
vised Statutes, any claim for credit or refund
profit percentage. Multiply the amount of the prin-
transferor/seller on Form N-288A, or as corrected
cipal payments by the gross profit percentage
2016 Tax Rate Schedules
and enter the result on line 4.
Schedule I
Line 5. If you are a C corporation, multiply line 4
SINGLE INDIVIDUALS AND MARRIED INDIVIDUALS FILING SEPARATE RETURNS
by 4% and enter the result on line 5. If you are a
person other than a C corporation, you must use
If the taxable income is:
The tax shall be:
the tax rate schedules to the left to determine the
Not over $2,400 ................................................................. 1.40% of taxable income
amount to enter on line 5.
Over $2,400 but not over $4,800 ....................................... $34.00 plus 3.20% over $2,400
Note: These tax rates apply to long-term cap-
Over $4,800 but not over $9,600 ....................................... $110.00 plus 5.50% over $4,800
ital gains. For short-term capital gains, use
Over $9,600 but not over $14,400 ..................................... $374.00 plus 6.40% over $9,600
the tax rates in the 2015 income tax booklets
Over $14,400 but not over $19,200 ................................... $682.00 plus 6.80% over $14,400
to determine the amount to enter on line 5.
Over $19,200 but not over $24,000 ................................... $1,008.00 plus 7.20% over $19,200
For partnerships, S corporations, trusts, or
Over $24,000 ..................................................................... $1,354.00 plus 7.25% over $24,000
estates, the gain on line 4 must be allocated
Schedule II
among each partner or member, S corporation
MARRIED INDIVIDUALS FILING JOINT RETURNS AND CERTAIN WIDOWS AND WIDOWERS
shareholder, or beneficiary of the trust or
If the taxable income is:
The tax shall be:
estate (member). Calculate the tax liability for
Not over $4,800 ................................................................. 1.40% of taxable income
each member. Enter the total tax liability of all
Over $4,800 but not over $9,600 ....................................... $67.00 plus 3.20% over $4,800
members on line 5. Attach a schedule showing
the name, identification number, and the amount
Over $9,600 but not over $19,200 ..................................... $221.00 plus 5.50% over $9,600
of gain and tax liability allocated to each member.
Over $19,200 but not over $28,800 ................................... $749.00 plus 6.40% over $19,200
Also, show the computation of the tax liability for
Over $28,800 but not over $38,400 ................................... $1,363.00 plus 6.80% over $28,800
each member.
Over $38,400 but not over $48,000 ................................... $2,016.00 plus 7.20% over $38,400
Signature
Over $48,000 ..................................................................... $2,707.00 plus 7.25% over $48,000
Schedule III
Form N-288C must be signed by an individual,
HEAD OF HOUSEHOLD
a responsible corporate officer, a member or
If the taxable income is:
The tax shall be:
general partner of a partnership, or a trustee,
executor, or other fiduciary of a trust or estate or
Not over $3,600 ................................................................. 1.40% of taxable income
by an authorized agent with a power of attorney. If
Over $3,600 but not over $7,200 ....................................... $50.00 plus 3.20% over $3,600
you file your income tax return as married filing a
Over $7,200 but not over $14,400 ..................................... $166.00 plus 5.50% over $7,200
joint return, your spouse must also sign this form.
Over $14,400 but not over $21,600 ................................... $562.00 plus 6.40% over $14,400
NOTE: Incomplete forms will be returned to
Over $21,600 but not over $28,800 ................................... $1,022.00 plus 6.80% over $21,600
the transferor/seller. Please fill out all items.
Over $28,800 but not over $36,000 ................................... $1,512.00 plus 7.20% over $28,800
Over $36,000 ..................................................................... $2,030.00 plus 7.25% over $36,000
Computation of cost or other basis worksheet
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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