Do I have to use a licensed Property Manager?
What are the risks associated with having an unlicensed person manage my property?
How do I minimize my chances of getting sued?
How can I protect myself if I do get sued?
Can I attract better tenants by asking a higher rent?
Why must I provide a Social Security Number?
Can I require a pet deposit?
Why Does Stott Property Management want to be added as additionally insured on my liability insurance?
Does Stott Property Management require the tenant to pay General Excise Tax on top of the rent?
Why must I maintain a minimum balance of $300?
Should I buy a home warranty from American Home Shield or another company?
What do I do if something breaks?
Is Stott Property Management going to meet the repair-person at the property?
What do we do if our lease is going to expire and we want to renew?
What do we do if we want to break our lease?
What do we do if we have lots of bugs?
What do we do if we are going to be out of town for a few weeks?
What do we need to do to prepare for a checkout?
May we use the deposit as last month’s rent?
Note: We have participated in a large number of 1031 exchanges and usually have several such transactions in escrow at any given time. However, we are not licensed to provide either legal or tax advice. Licensed professionals such as attorneys or CPA’s should be consulted for such advice. Note: The information below provides a basic overview of IRC section 1031 tax deferred exchanges. It is not intended to be a guide to such an exchange, as it omits rules and considerations that could impact upon someone actually conducting a 1031 exchange. Note: The information below uses the terms “old property” for the property being sold and “new property” for the property being purchased. A property can consist of more than one piece of real estate.
What is an IRC section 1031 tax deferred exchange?
Why should I participate in an exchange?
What is meant by deferring taxes?
What is the exchange value of my property?
Does a 1031 exchange defer Hawaii capital gains taxes as well as Federal capital gains taxes? What happens with HARPTA?
What are the time requirements associated with a 1031 exchange?
What is involved in identifying the new property?
What are the current Federal and Hawaii capital gains taxes?
What is a Qualified Intermediary (QI)?
How do I locate a QI?
What is the cost of a QI?
Why do the proceeds from the sale go to the QI?
I understand that I cannot have access to any funds from the sale of the old property. Could I refinance the old property before I exchange it?
Could I use funds held by the QI for costs associated with the new property like earnest money or having a feasibility study done prior to purchasing it?
What is boot?
Can I do a partial exchange?
What kinds of properties qualify for an exchange?
If I own a property that includes my personal residence and a rental unit, would it qualify for an exchange?
How do I find someone who wants to exchange or trade investment real estate with me?
Can I exchange the old property into a new residence for myself?
Can I defer taxes when I sell my primary residence?
How long do I have to rent a property that I want to use as a future residence?
Can I rent new property to a related party?
Can a related party be involved in the 1031 exchange?
Can I exchange into vacant land and build a house?
Are there any other requirements involved in conducting a 1031 exchange?
Can you do it backwards; i.e., buy the new property first and then sell the old property?
What advice can you provide on locating a new property?
How does the average person afford to buy more expensive investment real estate?
I own one-half of a property with my brother owning the other half with title being in both of our names. He wants to cash his half out while I want to conduct a 1031 exchange with my half. Is this possible?
Could I buy Real Estate Investment Trust (REIT) shares as my new property?
Are there any restrictions on leasehold property?
How do I report a 1031 exchange to the IRS?
Recent Rules
What are the other ways to conduct an exchange?
Note: The information presented is based upon Hawaii Tax Information Release No. 2002-2. The questions and answers are designed to help nonresident (absentee) owners understand the Hawaii Real Property Tax (HARPTA) Law. Note: Neither Stott Real Estate, Inc. nor any of our agents or employees is licensed to provide either legal or tax advice. Licensed professionals such as attorneys or CPAs should be consulted for legal or tax advice.
What is HARPTA?
How much is collected under the HARPTA law?
What is the actual Hawaii capital gains tax?
If the collected amount is too large, how do you obtain a refund?
What if there are insufficient proceeds from the sale to pay the withholding or if there is a loss on the sale rather than a gain?
Is Hawaii tax law for the sale of a personal residence similar to the federal law; i.e., the Taxpayer Relief Act of 1997?
How does an owner obtain the HARPTA forms?
What defines a nonresident?
Does HARPTA apply to military members?
What happens if a military member rents their Hawaii home rather than selling it?
Are there any exceptions to the 5% of sales price withholding?
What do you mean by “no taxable gain?”
How is HARPTA enforced?
Explain gain further; how does it differ from equity?
Where can I obtain additional information?

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