sale of home

[Unregistered]

This client sold personal home in Hawai in 2005 and moved to Illinois.

Any thing special needs to be done?

Thanks

[BP.]

Few things spring to mind: Determine if client qualifies for sec. 121 exclusion of any gain on sale of residence (TTB 6-16); detemine if client qualifies to deduct moving expenses (TTB 3-5); determine multi state return filing requirements.

[Unregistered]

special capital gains withholding for HI

I had a married couple last year who moved to NC and sold their HI property. Strange law in HI requires closing attorney to withhold capital gains on the sale, irrespective of Sec. 121 exclusion. TP has to request refund of excess withholding (special HI form, can't remember the form #). If you need help with this email me at joshua.advantax@earthlink.net and I'll tell you the HI form # when I get back in the office.

JoshinNC

[Unregistered]

I had a married couple last year who moved to NC and sold their HI property. Strange law in HI requires closing attorney to withhold capital gains on the sale, irrespective of Sec. 121 exclusion. TP has to request refund of excess withholding (special HI form, can't remember the form #). If you need help with this email me at joshua.advantax@earthlink.net and I'll tell you the HI form # when I get back in the office.

JoshinNC

Thank you. I will e-mail tomorrow. I got more details. This client purchased home - coop- one year ago for $79,000 and sold for $130,000 in 2005.

I do not think that she would qualify for "full" exclusion. Because she moved for job related reason she may qualify for exception to exclusion. Does it sound right?

Thanks.

[Unregistered]

Thank you. I will e-mail tomorrow. I got more details. This client purchased home - coop- one year ago for $79,000 and sold for $130,000 in 2005.

I do not think that she would qualify for "full" exclusion. Because she moved for job related reason she may qualify for exception to exclusion. Does it sound right?

Thanks.

There are about 10 exceptions. Please see Taxbook for more detail. Mkae sure to add all expenses.

[Unregistered]

I had a married couple last year who moved to NC and sold their HI property. Strange law in HI requires closing attorney to withhold capital gains on the sale, irrespective of Sec. 121 exclusion. TP has to request refund of excess withholding (special HI form, can't remember the form #). If you need help with this email me at joshua.advantax@earthlink.net and I'll tell you the HI form # when I get back in the office.

JoshinNC

I emailed you. Can you please let me know the form that you are talking about.

Thanks

[Chief]

Sale of Home in HI

Say, email me also. I have a client also who sold a home in Hawaii last year.

brobhelen@tampabay.rr.com

[Chief]

HI part time resident

This state form cannot be efiled but must be mailed.

[JoshinNC]

HI form N-288C

you have to go to the HI Dept of Taxation site to download a copy and mail it in. my client recieved a check in about 4 weeks.