Form Ta-42 - Time Share Occupancy Worksheet - Calculation Of Total Fair Market Rental Value Page 2
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1
2FORM TA-42
INSTRUCTIONS
(REV. 2015)
GENERAL INSTRUCTIONS
1/14/2016, A decided not to stay at his time share unit.
Instead, A let his friend B stay at the time share unit for
Section 237D-2, Hawaii Revised Statutes, provides that the
the period 1/4/2016 — 1/5/2016. During the period from
transient accommodations tax on time share occupancy is
1/6/2016 — 1/7/2016, the time share unit was not occupied.
levied on the occupant of a resort time share vacation unit
During the period from 1/8/2014 — 1/14/2014, A rented the
at the rate of: (1) 7.25% on the unit’s fair market rental value
time share unit to C.
until December 31, 2015; (2) 8.25% on the unit’s fair market
rental value beginning on January 1, 2016, to December
The number of days that should be entered in Column
31, 2016; and (3) 9.25% on the unit’s fair market rental
C(1), days occupied, is 5. This includes the 3 days that A
value for the period beginning on January 1, 2017, and
occupied the time share unit and the 2 days that B occupied
thereafter. The time share plan manager shall be liable for
the time share unit.
and pay to the State the transient accommodations tax on
The number of days that should be entered in Column C(2),
time share occupancy.
days not occupied, is 2.
The plan manager should not file this worksheet with the
The number of days that should be entered in Column C(3),
Department of Taxation. The plan manager is required to
days rented, is 7.
maintain this worksheet and to produce it upon request by
the Department of Taxation.
Column D — Enter the daily fair market rental value of the
unit. Fair market rental value is defined as an amount equal
SPECIFIC INSTRUCTIONS
to one-half of the gross daily maintenance fees that are
Note: Use this worksheet to calculate the amount of the total
paid by the owner and are attributable to the time share unit
fair market rental value to report on your monthly, quarterly,
located in Hawaii. Gross daily maintenance fees include
or semi-annual transient accommodations — time share
maintenance costs, operational costs, insurance, repair
occupancy tax return. Use a separate worksheet for each
costs, administrative costs, taxes, other than transient
unit in the time share plan.
accommodations taxes, resort fees, and other costs
including payments required for reserves or sinking funds.
At the top of the worksheet, write:
Amounts paid for optional goods and services such as food
Your name,
and beverage services or beach chair or umbrella rentals
Your Hawaii Tax I.D. Number,
shall be excluded from fair market rental value.
The month, quarter, or semiannual period and year
covered by the worksheet,
Example: The gross maintenance fees that are paid by A
The name of the time share plan, and
for his time interval period 1/1/2016 — 1/14/2016 is $700.
The time share unit number.
The daily fair market rental value that should be entered in
Column D is $25, calculated as follows:
Column A — Enter the name of the owner. “Owner” means
any person who owns a resort time share vacation interest;
(1) Divide the gross maintenance fees for the time
provided that to the extent and for those purposes provided
interval period 1/1/2016 — 1/14/2016 by 14 to obtain the
in an agreement of sale, the vendee under the agreement
daily gross maintenance fee ($700 / 14 days = $50).
of sale shall be considered the owner of the resort time
(2) Divide the daily gross maintenance fee by 2 to obtain
share vacation interest.
one-half the gross daily maintenance fee ($50 / 2 = $25).
Column B — Enter the time interval period.
Column E — Multiply Column C(1) by Column D and enter
Column C(1) — Enter the number of days that the resort
the result.
time share vacation unit was (1) occupied by the owner of
Line 31 — Add lines 1 through 30 of Column E and enter the
the time share unit, or (2) occupied by some other person.
total on line 31. Also include this amount in the applicable
Do not include the number of days that the time share unit
district on Form TA-1, Part VI, lines 24 through 35 of column
was occupied by some other person who rented the time
(a).
share unit from the owner. These days will be included in
WHERE TO GET INFORMATION AND FORMS
Column C(3).
Column C(2) — Enter the number of days that the resort
Taxpayer Services Branch
time share vacation unit was not occupied.
830 Punchbowl Street
Honolulu, HI 96813-5094
Column C(3) — Enter the number of days that the resort
Tel. No.: 808-587-4242
time share vacation unit was rented by the owner to some
Toll-Free: 1-800-222-3229
other person.
Telephone for the Hearing Impaired:
Example: A is the owner of a resort time share vacation
808-587-1418
unit for the time interval period 1/1/2016 — 1/14/2016.
1-800-887-8974 (toll-free)
During the period from 1/1/2016 — 1/3/2016, A occupied
Tax information on the Internet: tax.hawaii.gov
the time share unit. During the period from 1/4/2016 —
FORM TA-42
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