Form N-288 - Hawaii Withholding Tax Return For Dispositions By Nonresident Persons Of Hawaii Real Property Interests - 2015 Page 2

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FORM N-288

(REV. 2014)

PAGE 2

Where to File

*Note: Chapter 425E, HRS, replaced chapter

3) For the year preceding the date of the transfer

425D, HRS, effective July 1, 2004.

the property has been used by the transferor/

Mail Form N-288, Copy A of Form(s) N-288A,

Transferee/Buyer means any person, the

seller as a principal residence, and that the

and your check or money order to:

amount realized for the property does not ex-

State and the counties and their respective sub-

Hawaii Department of Taxation

ceed $300,000.

divisions, agencies, authorities, and boards, ac-

P.O. Box 1530

quiring real property which is located in Hawaii.

If you receive a certification, the withholding

Honolulu, Hawaii 96806-1530

Transferor/Seller means any person dispos-

tax cannot be collected from you, unless you

Form(s) N-288A and Your Check or

knew that the certification was false. The certi-

ing real property which is located in Hawaii.

Money Order Must Be Attached

fication must be signed by the individual, a re-

Amount realized means the sum of the

sponsible officer of a corporation, a member or

cash paid, or to be paid (not including interest

Anyone who completes Form N-288 must

general partner of a partnership, or the trustee,

or original issue discount), the fair market value

also complete a Form N-288A, Statement of

executor, or equivalent fiduciary of a trust or es-

of other property transferred or to be transferred,

Withholding on Dispositions by Nonresident Per-

tate.

and the amount of any liability assumed by the

sons of Hawaii Real Property Interests, for each

Belated notice or false certification.—If

transferee/buyer or to which the Hawaii real prop-

nonresident transferor/seller subject to withhold-

after the date of transfer you receive notice that

erty interest is subject to immediately before and

ing.

the certification you received is false, you can rely

after the transfer. Generally, the amount realized,

If two or more nonresident transferors/sell-

on the certification and not withhold on consider-

for purposes of this withholding, is the sales or

ers jointly transfer a Hawaii real property inter-

ation paid before you received the notice. How-

contract price.

est, prepare a separate Form N-288A for each

ever, you must withhold the full 5% of the amount

Date of transfer means the first date on

nonresident transferor/seller. One Form N-288A

realized from any consideration that remains to

which consideration is paid or a liability is as-

should be filed for a taxpayer and spouse if they

be paid, if possible. You must do so by withhold-

sumed by the transferee/buyer. Payment of con-

will be filing a joint return for the year in which

ing and paying over the entire amount of each

sideration does not include the payment, before

they transferred their Hawaii real property inter-

successive payment of consideration until the

the passage of legal or equitable title (other than

est. Copy A and your check or money order must

full 5% has been withheld and paid to the De-

pursuant to an initial purchase contract), of ear-

be attached to Form N-288. Copy B must be

partment. These amounts must be reported and

nest money, a good-faith deposit, or any similar

sent to the transferor/seller. Copy C is for your

transmitted to the Department by the 20th day

sum primarily intended to bind the parties to the

records. To receive credit for the amount with-

following the date of each payment.

contract and subject to forfeiture. However, a

held, the transferor/seller must file a Hawaii in-

Withholding Certificate Issued by

payment that is not forfeitable may nevertheless

come tax return.

the Department of Taxation

be found to constitute earnest money, a good-

Penalties

faith deposit, or a similar sum.

A withholding certificate may be issued by the

In addition to the penalties provided under

An individual’s Identification number is the

Department to reduce or eliminate withholding on

sections 231-34, 231-35, 231-36, and 231-39,

social security number. The IRS issues Individ-

dispositions of Hawaii real property interests by

Hawaii Revised Statutes (HRS), if a person is re-

ual Taxpayer Identification Numbers (ITINs) to

nonresident persons. The certificate may be is-

quired but fails to withhold tax under section 235-

certain aliens who are required to have a U. S.

sued if 1) the transferor/seller will not realize any

68, HRS, that person is made liable for the tax.

taxpayer identification number but who do not

gain with respect to the transfer, or 2) there will

Definitions

have, and are not eligible to obtain, a social se-

be insufficient proceeds to pay the withholding

curity number. The ITIN issued by the IRS must

Nonresident person means every person

required after payment of all costs.

be used as the individual’s identification number.

other than a resident person.

Attach a copy of the approved Form N-288B,

If the individual has applied for an ITIN but the

Property or real property has the meaning

Application for Withholding Certificate for Dispo-

IRS has not yet issued the ITIN, write “Applied

sitions by Nonresident Persons of Hawaii Real

as the same term is defined in section 231-1,

For”. For any other person, the identification num-

Property Interests.

HRS.

ber is the federal employer identification number

Specific Instructions

Resident person means any: (1) Individual

(FEIN). For a single member LLC that has not

included in the definition of “resident” in section

elected to be taxed as a corporation, where the

Lines 1.—Enter the name and identification

235-1, HRS; (2) Corporation incorporated or

only member is an individual, the identification

number (social security number (SSN) or federal

granted a certificate of authority under Chapter

number would be the social security number of

employer identification number (FEIN)) of the

414, 414D, or 415A, HRS; (3) Partnership

the individual. For a revocable living trust, or any

transferee/buyer. Enter the home address of the

formed or registered under Chapter 425 or

other trust in which an individual is treated as

individual or the office address of the entity.

425E*, HRS; (4) Foreign partnership qualified

the owner of the trust, the identification number

Lines 2.—Enter a description of the property

to transact business pursuant to Chapter 425 or

would be the social security number of the indi-

including its location and the nature of any sub-

425E*, HRS; (5) Limited liability company formed

vidual. For all other trusts, the identification num-

stantial improvements, such as an apartment

under Chapter 428, HRS, or any foreign limited

ber would be the FEIN of the trust.

building or warehouse. Include the tax map key

liability company registered under Chapter 428,

Exceptions

number.

HRS; provided that if a single member limited

Line 5.—Enter the amount realized.

You are not required to withhold if the trans-

If the

liability company has not elected to be taxed as

feror/seller furnishes to you Form N-289, Certi-

a corporation, the single member limited liability

transferor/seller is reporting the gain under the

fication for Exemption from the Withholding of

company shall be disregarded for purposes of

installment method, (i.e., agreement of sales or

Tax on the Disposition of Hawaii Real Property,

purchase money mortgages) enter the principal

section 235-68, HRS, and section 235-68, HRS,

stating that:

portion of the total payments for the year.

shall be applied as if the sole member is the

transferor; (6) Limited liability partnership formed

Line 6.—Enter the amount withheld.

1) The transferor/seller is a resident person, or

If the

under chapter 425, HRS; (7) Foreign limited

amount required to be withheld has been re-

2) That by reason of a nonrecognition provision

liability partnership qualified to transact business

duced or waived by the Department, attach a

of the IRC as operative under Chapter 235,

under Chapter 425, HRS; (8) Trust included in

copy of the approved Form N-288B. Also, if one

HRS, or the provisions of any United States

the definition of “resident trust” in section 235-1,

or more of the transferors/sellers are exempt from

treaty, the transferor/seller is not required to

HRS; or (9) Estate included in the definition of

the withholding and you are issuing the exempt

recognize any gain or loss with respect to the

“resident estate” in section 235-1, HRS.

transferor/seller a Form N-288A, attach a copy of

transfer, or

the exempt transferor/seller’s Form N-289.

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