May the Fourth be with you! What's on your menu plan today?
QOTD- No names for my cars.
Totally unrelated tax question: I'm depending on Jim or White Dove to have an answer. I find that I will have to pay HARPTA on the proceeds of my condo, capital gains. The state requires 7.25% withholding on the sale price of my condo. I am not considered a resident since I only lived there 6 months. There is a form I can use to get most of it back, but it lists selling expenses I believe that includes the realtor commission and closing costs, and then it lists other expenses? Is cleaning, repairs, bug spraying and carpet cleaning included in those expenses? The state requires that you have the place cleaned and the carpet cleaned before closing. I know I have to have the closing statement for my purchase & the sale to file and it is form n288c_i from the state of Hawaii. I wish I'd known this before I bought, from what I've read it is really in excess of what a person would have to pay for capitol gains.
Any help would be greatly appreciated.
Struggling with snacks and wine, need to cut out both and dig through my storage units and find my gym bag so I can go to the gym.
No excuses, except I really need help to get to some of the boxes they are stacked about 10' tall and I don't know which one it's in, and not sure I can move them on my own.
Have a great day everyone!
5'5" Age 66 HW 291 SW 275.8 CW 179.8
Julia - I will take a look at this when I get back to Chicago Monday. Maybe there a procedure to demonstrate that your actual tax is much less than the withholding?
Jim Age 57 Height 6 Feet Consult Weight 344 SW 289 Pre-Surgery -55, M1 -25, M2 -16, M3 -21, M4 -10, M5 -5, M6 -1, M7 -4, M8 0, M9 +4, M10 -4
What are the Seller's Closing Costs? - Hawaii Real Estate Market & Trends | Hawaii Life
The above article should help. Everything you listed are legit selling expenses. When you file your 2022 non-resident return for Hawaii, you can claim back what they withhold for HARPTA. Depending on your actual capital gain you might get most of it back. Let me know when you file next year. If you use TurboTax, I will show you how to claim it. If you use an accountant or another tax program, make sure that the withholding is claimed. Federal does not tax you on the first $40,000 in capital gains, but Hawaii is not that generous.
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