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. 2010)
GENERAL INSTRUCTIONS
the time share unit was not occupied. During the period
from 1/8/2011 — 1/14/2011, A rented the time share unit
Section 237D-2, Hawaii Revised Statutes, provides that the
to C.
transient accommodations tax is levied on the occupant
of a resort time share vacation unit at the rate of 7.25%
The number of days that should be entered in Column C(1),
on the unit’s fair market rental value. The time share plan
days occupied, is 5. This includes the 3 days that A occupied
manager shall be liable for and pay to the State the transient
the time share unit and the 2 days that B occupied the time
accommodations tax on time share occupancy.
share unit.
The plan manager should not file this worksheet with the
The number of days that should be entered in Column C(2),
Department of Taxation. The plan manager is required to
days not occupied, is 2.
maintain this worksheet and to produce it upon request by
The number of days that should be entered in Column C(3),
the Department of Taxation.
days rented, is 7.
SPECIFIC INSTRUCTIONS
Column D — Enter the daily fair market rental value of the
Note: Use this worksheet to calculate the amount of the total
unit. Fair market rental value is defined as an amount equal
fair market rental value to report on your monthly, quarterly,
to one-half the gross daily maintenance fees that are paid
or semi-annual transient accommodations — time share
by the owner, are attributable to the time share unit, and
occupancy tax return. Use a separate worksheet for each
include maintenance costs, operational costs, insurance,
unit in the time share plan.
repair costs, administrative costs, taxes, other than transient
accommodations taxes, and other costs including payments
At the top of the worksheet, write:
required for reserves or sinking funds. The taxpayer shall
Your name,
use gross daily maintenance fees, unless the taxpayer
Your Hawaii Tax I.D. Number,
proves or the Director of Taxation determines that the gross
The month, quarter, or semiannual period and year
daily maintenance fees do not fairly represent fair market
covered by the worksheet,
rental value taking into account comparable transient
The name of the time share plan, and
accommodation rentals or by other appraisal methods.
The time share unit number.
Example: The gross maintenance fees that are paid by A
Column A — Enter the name of the owner. “Owner” means
for his time interval period 1/1/2011 — 1/14/2011 is $700.
any person who owns a resort time share vacation interest;
The daily fair market rental value that should be entered in
provided that to the extent and for those purposes provided
Column D is $25, calculated as follows:
in an agreement of sale, the vendee under the agreement
of sale shall be considered the owner of the resort time
(1) Divide the gross maintenance fees for the time
share vacation interest.
interval period 1/1/2011 — 1/14/2011 by 14 to obtain the
daily gross maintenance fee ($700 / 14 days = $50).
Column B — Enter the time interval period.
(2) Divide the daily gross maintenance fee by 2 to obtain
Column C(1) — Enter the number of days that the resort
one-half the gross daily maintenance fee ($50 / 2 = $25).
time share vacation unit was (1) occupied by the owner of
Column E — Multiply Column C(1) by Column D and enter
the time share unit, or (2) occupied by some other person.
Do not include the number of days that the time share unit
the result.
was occupied by some other person who rented the time
Line 31 — Add lines 1 through 30 of Column E and
share unit from the owner. These days will be included in
enter the total on line 31. Also include this amount in the
Column C(3).
applicable district on Form TA-1, Part VI, lines 24 through
Column C(2) — Enter the number of days that the resort
27 of Column (a).
time share vacation unit was not occupied.
WHERE TO GET INFORMATION AND FORMS
Column C(3) — Enter the number of days that the resort
Taxpayer Services Branch
time share vacation unit was rented by the owner to some
830 Punchbowl Street
other person.
Honolulu, HI 96813-5094
Example: A is the owner of a resort time share vacation unit
Tel. No.: 808-587-4242
for the time interval period 1/1/2011 — 1/14/2011. During
Toll-Free: 1-800-222-3229
the period from 1/1/2011 — 1/3/2011, A occupied the time
Telephone for the Hearing Impaired:
share unit. During the period from 1/4/2011 — 1/14/2011, A
808-587-1418
decided not to stay at his time share unit. Instead, A let his
1-800-887-8974 (toll-free)
friend B stay at the time share unit for the period 1/4/2011
Tax information on the Internet:
— 1/5/2011. During the period from 1/6/2011 — 1/7/2011,
FORM TA-42
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