Property tax question

[John S. Rabi]

In addition, as an owner occupant, you get exemptions based on your age too. There is no special tax on selling a property here. If you are a non-resident than escrow will withhold 5% of the selling price for HARPTA and you will need to file Form N-288 with the State Tax Department to show your gain/loss. You will get your money back within 2-3 months if you show a loss. There is an additional 10% FIRPTA withholding if you are not a US citizen or Permanent Resident. You will need to deal with IRS the same way as you deal with the State Tax Department, b ut the process will take 9-12 months.

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
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