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What you’re actually encountering is HARPTA – the Hawaii Real Property Tax Act. In this blog, we’ll dive into the details of HARPTA, understand why it’s not quite a tax, and explore how you can potentially recoup some to all of the withheld funds.
16 Αυγ 2024 · Hawaii’s real estate tax regulations affect both home buyers and sellers. Read on to learn how they’ll affect you and how you can lower your tax burden.
Regardless of whether withholding is required, both resident and nonresident single-members must file a Hawaii income tax return to report the disposition of Hawaii real property.
This Tax Facts provides guidance on the withholding of tax on the disposition of Hawaii real property by nonresident persons. This withholding of tax is commonly referred to as “HARPTA,” which stands for the Hawaii Real Property Tax Act.
HOW MUCH IS OWED IN HAWAII CAPITAL GAINS TAX? The Hawaii capital gains tax on real estate is 7.25%. This applies to all four factors of gain, refer below for a discussion of the four factors. The difference between how much is withheld and how much is owed is the amount of your refund.
Hawaii residents and nonresidents alike must pay Hawaii income tax on capital gains recognized on the sale of real property located in Hawaii unless the gain can be excluded under Hawaii income tax law.
WHAT IS A TAX DEED? A tax deed is similar to a quitclaim deed. The County passes the title on "as is" and makes no warranties to the purchaser. CAN TITLE INSURANCE BE ACQUIRED? Unlikely. Most, if not all, title companies are not providing title insurance on properties with tax sale deeds.
