Certification for Exemption from Withholding Tax
Form N-289 is used to certify that withholding tax is not required upon the disposition of Hawaii real property. This form must be completed by the transferor/seller and provided to the transferee/buyer. The certification allows for tax exemption under specific conditions outlined in Hawaii Revised Statutes.
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How do I fill this out?
To fill out Form N-289, begin by entering the transferor/seller's basic information at the top of the form. Next, check the appropriate box indicating the reason for tax exemption. Finally, complete the required sections A and B with specific details related to the property transfer.
How to fill out the Certification for Exemption from Withholding Tax?
1
Enter the transferor/seller's name, identification number, and address.
2
Check the box that applies to the reason for non-withholding.
3
Complete sections A and B describing the transfer.
4
Sign the declaration to confirm accuracy.
5
Submit the form to the transferee/buyer for their records.
Who needs the Certification for Exemption from Withholding Tax?
1
Homeowners selling property in Hawaii to confirm tax exemption.
2
Real estate professionals assisting clients in property transactions.
3
Accountants and tax advisors managing clients’ tax documentation.
4
Trustees managing real estate assets on behalf of beneficiaries.
5
Corporate entities disposing of real property in compliance with tax laws.
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What are the instructions for submitting this form?
Form N-289 must be provided to the transferee/buyer and is not to be submitted directly to the Department of Taxation. Retain copies of the completed form for your records, ensuring both parties have a clear understanding of tax obligations. For any inquiries about the form, you can reach the Hawaii Department of Taxation via their customer service number 808-587-4242.
What are the important dates for this form in 2024 and 2025?
Important dates for Form N-289 submission include key tax filing deadlines specific to Hawaii's tax regulations. Ensure that you are aware of the quarterly dates for property transactions and apply for exemptions in a timely manner. 2024 deadlines will follow the same timeline as in previous years; stay updated with the Department of Taxation.
What is the purpose of this form?
Form N-289 serves to certify that withholding of tax is not necessary when selling or transferring real property in Hawaii. This certification helps streamline the process for sellers who qualify as residents or meet specific tax exemption criteria outlined in the Hawaii Revised Statutes. Using this form ensures compliance while providing tax relief for qualifying property transactions.
Tell me about this form and its components and fields line-by-line.
- 1. Transferor/Seller's Identification Number: Last 4 digits of the SSN or FEIN.
- 2. Transferor/Seller's Address: Home or office address depending on the type of seller.
- 3. Exemption Reason: Checkboxes to select the reason for tax exemption.
- 4. Description of the Transfer: A brief description of the property transfer.
- 5. Legal Summary: Summary supporting why no gain or loss recognition is required.
What happens if I fail to submit this form?
Failing to submit Form N-289 may lead to unintended tax withholding during the property transfer. It is crucial for sellers to provide this form to ensure that proper tax exemptions are recognized under Hawaii law. Without this certification, the buyer may be required to withhold a percentage of the sales price for tax purposes.
- Additional Tax Liability: You could face unexpected tax obligations.
- Delayed Transactions: Failure to submit may delay the property transfer.
- Compliance Issues: Inaccuracies may lead to complications with tax authorities.
How do I know when to use this form?
- 1. Principal Residence Sale: Used when the property sold has been a principal residence.
- 2. Non-resident Seller: Applicable when a non-resident seller disposes of property.
- 3. Applying for Tax Relief: Submitting for tax relief under existing tax provisions.
Frequently Asked Questions
What is Form N-289?
Form N-289 is a certification for exemption from the withholding of tax on the disposition of Hawaii real property.
Who should fill out Form N-289?
The transferor/seller of the Hawaii real property needs to complete this form.
Where do I submit Form N-289?
You must provide Form N-289 to the transferee/buyer and not submit it to the Department of Taxation.
What happens if I do not fill out Form N-289?
Failure to submit this form could lead to unexpected tax withholding during the property transfer.
Can I edit Form N-289 on PrintFriendly?
Yes, you can easily edit Form N-289 on PrintFriendly before saving it.
Is Form N-289 necessary for all property sales?
Form N-289 is only necessary if the transferor is a non-resident person and conditions for exemption are met.
How do I download Form N-289 after editing?
After making your edits, simply click the download button to save the completed form.
Can I sign Form N-289 electronically?
Yes, you can sign the form electronically by typing or inserting your signature.
What should I do if I need help filling out the form?
You can refer to the instructions included in the form or contact a tax professional.
What is the purpose of Form N-289?
The purpose is to inform the transferee/buyer that tax withholding is not required under specific conditions.
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