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

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Accounting

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

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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

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