08-24-2007, 02:18 AM
How does the saying go? "There are only two sure things in life, death and taxes??"
Hawaii's HARPTA was modeled after the Federal FIRPTA, as is most of Hawaii's tax laws. In fact it makes it easy to file Hawaii tax forms because you can transfer most of the information from the Federal forms.
If you have a big tax gain on the sale of property, you are going to pay taxes one way or another anyway. If you have a loss, the issue is moot since that is one of the exemptions from withholding.
If you have a big tax gain, you didn't pay FIRPTA or HARPTA and don't do an Estimated tax payment, you can be subject to a big penalty for UNDER withholding your tax.
Larry
Hawaii's HARPTA was modeled after the Federal FIRPTA, as is most of Hawaii's tax laws. In fact it makes it easy to file Hawaii tax forms because you can transfer most of the information from the Federal forms.
If you have a big tax gain on the sale of property, you are going to pay taxes one way or another anyway. If you have a loss, the issue is moot since that is one of the exemptions from withholding.
If you have a big tax gain, you didn't pay FIRPTA or HARPTA and don't do an Estimated tax payment, you can be subject to a big penalty for UNDER withholding your tax.
Larry
Larry