Form N-288 - Hawaii Withholding Tax Return For Dispositions By Nonresident Persons Of Hawaii Real Property Interests - 2015

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Clear Form
(REV. 2014)
Complete Lines 1 - 6.
(NOTE: References to “married”, “unmarried”, and “spouse” also means “in a civil union”, “not in a civil union”, and “civil union partner”, respectively.)
(Copy A of Form(s) N-288A and your check or money order MUST be attached.)
To Be Completed by the Transferee/Buyer Required to Withhold
Name of transferee/buyer
Identification number (SSN or FEIN)
Address (number and street)
City, State, and Postal/ZIP Code (province, postal code, and country)
Description and location of property acquired (Include tax map key number)
3 Date of transfer
4 Number of Forms N-288A attached
5 Amount realized on the transfer
6 Amount withheld
I hereby declare under penalties provided by section 231-36, HRS, that I have examined this return and accompanying attachments, and, to the best of my knowledge and belief, they are
true, correct, and complete. Declaration of preparer (other than individual, partner or member, fiduciary, or corporate officer) is based on all information of which preparer has any knowledge.
h _______________________________________________
Signature of transferee/buyer (individual, partner or member, fiduciary, or corporate officer)
Title (if applicable)
Preparer’s identification number
Check if
Preparer’s signature
Print preparer’s name
Firm’s name (or
Federal E.I. No.
yours if self-employed),
Use Only
Phone No.
address, and Postal/ZIP Code
persons jointly transfer a Hawaii real property in-
if one of the joint transferees/buyers withholds
General Instructions
terest, first, determine the amount subject to with-
and transmits the required amount to the State
Purpose of Form
holding by allocating the amount realized from
of Hawaii, Department of Taxation (Department).
the transfer among the transferors/sellers based
A 5% withholding obligation is generally
When to File
on their capital contribution to the property. For
imposed on the transferee/buyer when a
A transferee/buyer must report and transmit
this purpose, a taxpayer and spouse are treated
Hawaii real property interest is acquired from a
to the Department the tax withheld by the 20th
as having contributed 50% each. Second, with-
nonresident person. This withholding serves to
day after the date of transfer. Timely mailing of
hold on the total amount allocated to nonresident
collect Hawaii income tax that may be owed by
Forms N-288 and N-288A by U.S. mail will be
transferors/sellers. Third, credit the amount with-
the nonresident person. Use this form to report
treated as timely filing.
held among the nonresident transferors/sellers
and transmit the amount withheld.
Hawaii has adopted the Internal Revenue
as they mutually agree. The transferors/sellers
Note: You are not required to withhold if any
Code (IRC) provision to allow documents and
must request that the withholding be credited as
of the Exceptions listed on page 2 apply.
payments delivered by a designated private de-
agreed upon by the 10th day after the date of
See Tax Facts 2010-1, Understanding HARP-
livery service to qualify for the “timely mailing
transfer. If no agreement is reached, credit the
TA, and Tax Information Release No. 2002-02
treated as timely filing/paying rule.” The Depart-
withholding by evenly dividing it among the non-
(Revised 1/2014), Withholding of State Income
ment will conform to the Internal Revenue Ser-
resident transferors/sellers.
Taxes on the Disposition of Hawaii Real Property,
vice (IRS) listing of designated private delivery
Who Must File
for more information.
service and type of delivery services qualifying
A transferee/buyer of a Hawaii real property
Amount to Withhold
under this provision. Timely filing of mail which
interest, and a corporation, partnership, or fidu-
does not bear the U.S. Post Office cancellation
Generally, you must withhold 5% of the
ciary that is required to withhold tax must file
mark or the date recorded or marked by the
amount realized on the disposition by the trans-
Form N-288 to report and transmit the amount
designated delivery service will be determined
feror. See Amount realized under Definitions,
withheld. If two or more persons are joint trans-
by reference to other competent evidence. The
ferees/buyers, each of them is obligated to with-
private delivery service can tell you how to get
Joint Transferors/Sellers.—If one or more
hold. However, the obligation of each will be met
written proof of the mailing date.
nonresident persons and one or more resident
FORM N-288


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