Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hawaii condo what information would you need to es

Hawaii Condo what information would you need to estimate rental revenues for the year?

80.2K

Verified Solution

Question

Accounting

Hawaii Condo what information would you need toestimate rental revenues for the year?

Answer & Explanation Solved by verified expert
3.5 Ratings (452 Votes)
General Information 1 If I rent out my house or a room in my house does that mean I am in business Yes If you receive rental income from renting out part or all of your house condominium apartment second home vacation home or any other residential real property real property located in Hawaii then you are engaging in a taxable business activity 2 If I rent out my house do I have to pay taxes Yes If you rent out real property located in Hawaii you are subject to Hawaii income tax and the general excise tax GETIf you rent out real property located in Hawaii to a transient person for less than 180 consecutive days shortterm rental you are subject to the transient accommodations tax TAT in addition to the Hawaii income tax and GET For example if you rent out your house for one weekend the gross rental income is subject to the GET and TAT 3 If I rent out my house to relatives such as my son and his family do I have to pay taxes Yes If you rent out real property located in Hawaii to your relatives then you are subject to Hawaii income tax and the GET If it is a shortterm rental then you are also subject    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Hawaii Condo what information would you need toestimate rental revenues for the year?

Other questions asked by students

Q

What is control system waht are its types and differentiate them.

Electrical Engineering
Q

Net equation of cellular aerobic respiration in prokaryotic cells vs. eukaryotic cellsMake sure to write...

Biology
Q

Read about Africa s two greatest environmental concerns desertification and the spread of disease Choose...

Biology
Q

Find the point(s) on the surface at which the tangent plane is horizontal.z = 9-x...

Basic Math
Q

Suppose f x has the following values I 1 9 1 99 1 999 2...

Calculus
Q

Question 23 2 points Geometric Sequence What is the common ratio of the sequence 27...

Algebra
Q

Need answer for whats wrong and for 2023 on the bottom. Un...

Accounting
Q

L03 SE2-11. The Account which of the following is not part of the T-account? a....

Accounting
Q

Prince Eric Company uses an allowance method to account for bad debts. Prince Eric estimates...

Accounting
Q

Rudy purchased a rental property for $270,000 as an investment. An appraisal indicated that the...

Accounting
Q

What is the importance of incremental cash flow, why it is required in the capital...

Finance
Q

Bobby is a skilled baker who worked for several years in a patisserie in Paris....

Finance