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Does HARPTA apply to military members?

2/12/2014

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A common misunderstanding is the thinking that HARPTA is a tax.  This is a means for the State of Hawaii to collect taxes from absentee owners.  HARPTA stands for Hawaii Real Property Tax Law.

A question that arises from military families is whether HARPTA applies to them.  If an active duty member closes a sales as a primary residence and being transferred from Hawaii under military orders the 5% HARPTA does not apply.  If however the property was rented as an investment then HARPTA would apply.

Here are some other listed exemptions for HARPTA:

EXEMPTIONS FROM WITHHOLDING

1. Transferor furnishes Hawaii Resident Certification. No withholding is necessary if the seller or transferor furnishes to the transferee a properly completed Form N-289 stating (i) the transferor’s federal taxpayer identification number, (ii) address, and (iii) that the transferor is

2. a Hawaii resident. However, this exemption will not apply if the transferee has actual knowledge that the information on the Form N-289 is false. (Note that the definition of Hawaii resident for purposes of the withholding required by HRS §235-68 would include foreign corporations and partnerships which are registered with the Hawaii Department of Commerce and Consumer Affairs to do business in the

State of Hawaii).

3. Transferor’s Affidavit of Principal Residence. No withholding is necessary if the transferee receives an affidavit by the transferor stating (i) the transferor’s federal taxpayer identification number, (ii) that the transferor used the property as a principal residence for the year preceding the date of the transfer and (iii) the sales price for the property does not exceed $300,000.

4. Transferee Receives Hawaii Withholding Certificate.

(a) The withholding under HRS §235-68 may be reduced or eliminated pursuant to a “withholding certificate” issued by the Hawaii Department of Taxation. A withholding certificate may be issued by the Hawaii Department of Taxation upon receipt of Form N-288B establishing that either (i) the transferor will not realize any gain with respect to the transfer or (ii) the transferor will have insufficient proceeds to pay the withholding required by HRS §235-68 after payment of all costs, including selling expenses and the amount of any mortgages or liens secured by the property.

(b) The withholding may also be reduced or eliminated pursuant to a “written agreement” with the Hawaii Department of Taxation. Persons who engage in more than one real property transaction in a calendar year or to whom meeting the withholding requirements are not practicable are eligible to enter into these written agreements.

5. Notice of Non-recognition Treatment. No withholding is necessary if transferee receives from transferor a properly completed Form N-289 stating (i) that transferor is not required to recognize gain or loss with respect to the transfer and (ii) briefly describing the transfer and summarizing the law and facts supporting transferor’s claim. Non-Hawaii residents doing 1031 exchanges of real estate may consider this option to avoid withholding.

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Leaning to invest in flip properties & other ways to use your real estate license.

2/10/2014

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One important aspect of getting your real estate license is to have tools that will help you identify some of the best properties to make money.

When investing in property you can considering holding on to it for a monthly return or if the conditions are right flipping the purchase might yield you better returns.

Expanding your reach beyond your local market is one way to find some of these gems.

Here is a list of homes that have sold in the last 6 months that were flipped. Many of these homes had an average gain of $100,000 with an original purchase price of under $300,000.

Gain $ Gain $/SqFt Sale MLS Sale Price Sale COE Purchase MLS Purchase Price Address
$225,000.00 $174.00 OC13191795 $470,000.00 11/20/13 P820475 $245,000.00 807 South Valley Street, Anaheim, 92804
$171,000.00 $140.00 213000983 $439,000.00 12/23/13 B12121700 $268,000.00 507 South Bel Air Street, Anaheim, 92804
$170,000.00 $135.00 PW13208040 $430,000.00 11/15/13 P837899 $260,000.00 1225 North Holly Street, Anaheim, 92801
$283,000.00 $133.00 PW13139429 $855,000.00 09/11/13 P837501 $572,000.00 5215 East Glen Arbor Lane, Anaheim Hills, 92807
$156,000.00 $127.00 PW13172256 $432,000.00 09/27/13 P842118 $276,000.00 715 South Dorchester Street, Anaheim, 92805
$179,000.00 $118.00 OC13104136 $479,000.00 08/09/13 12612501 $300,000.00 2851 West Monroe Avenue, Anaheim, 92801
$183,000.00 $116.00 OC13096664 $470,000.00 09/03/13 P843113 $287,000.00 18501 Tango Avenue, Anaheim, 92807
$140,000.00 $114.00 PW13127465 $430,000.00 09/25/13 P844296 $290,000.00 1207 North Alamo Street, Anaheim, 92801
$128,000.00 $112.00 PW13128960 $405,000.00 09/20/13 P845154 $277,000.00 935 South Avocado Street, Anaheim, 92805
$147,500.00 $108.00 IG13181814 $440,000.00 10/09/13 P833513 $292,500.00 4149 East Riverdale Avenue, Anaheim, 92807
$135,000.00 $107.00 RS13131546 $460,000.00 08/23/13 R1202475 $325,000.00 543 South Lemon Street, Anaheim, 92805
$129,500.00 $101.00 PW13231615 $447,000.00 12/26/13 PW13072940 $317,500.00 623 West North Street, Anaheim, 92805
$129,000.00 $96.00 PW13135843 $429,000.00 09/17/13 P843940 $300,000.00 1516 West Dogwood Avenue, Anaheim, 92801
$111,000.00 $95.00 PW13115671 $455,000.00 08/28/13 PW13039311 $344,000.00 128 West Margate Drive, Anaheim, 92805
$185,000.00 $95.00 OC13128017 $660,000.00 09/06/13 PW13058797 $475,000.00 6561 East Carnegie Avenue, Anaheim Hills, 92807
$120,000.00 $95.00 PW13160747 $330,000.00 10/28/13 P833322 $210,000.00 436 North Via Capri, Anaheim, 92806
$122,000.00 $94.00 PW13198259 $420,000.00 11/14/13 PW13070848 $298,000.00 613 West Romneya Drive, Anaheim, 92801
$117,000.00 $91.00 PW13160192 $415,000.00 12/18/13 PW13032422 $298,000.00 1303 North Acacia Street, Anaheim, 92805
$121,000.00 $90.00 PW13164678 $461,000.00 11/14/13 PW13044413 $340,000.00 2484 West Harriet Lane, Anaheim, 92804
$131,000.00 $89.00 PW13142732 $451,000.00 10/01/13 S720185 $320,000.00 516 North Plantation Place, Anaheim, 92806
$89,000.00 $89.00 PW13161190 $471,000.00 10/09/13 PW13072249 $382,000.00 225 South Mall Way, Anaheim, 92804
$75,000.00 $88.00 CV13118042 $350,000.00 09/17/13 P832461 $275,000.00 1203 East Flower Street, Anaheim, 92805
$120,000.00 $88.00 PW13187541 $435,000.00 01/09/14 S714822 $315,000.00 501 South Dawn Street, Anaheim, 92805
$126,000.00 $87.00 DW13218441 $424,000.00 12/19/13 SW13010181 $298,000.00 1301 West Chevy Chase Drive, Anaheim, 92801
$190,000.00 $87.00 RS13143324 $527,000.00 09/09/13 P819163 $337,000.00 1314 North Cozy, Anaheim, 92806
$110,000.00 $85.00 DW13239371 $440,000.00 01/29/14 PW13191255 $330,000.00 1265 North Siesta Street, Anaheim, 92801
$88,000.00 $84.00 PW13183324 $413,000.00 11/27/13 CV13045966 $325,000.00 605 South Philadelphia Street, Anaheim, 92805
$98,000.00 $79.00 WS13148618 $416,000.00 09/04/13 PW13073843 $318,000.00 237 East Susanne Street, Anaheim, 92805
$95,000.00 $78.00 DW13135708 $416,000.00 09/06/13 PW13057056 $321,000.00 2539 West Picadilly Way, Anaheim, 92801
$88,000.00 $78.00 PW13196970 $388,000.00 10/28/13 PW13059556 $300,000.00 11866 Moen Street, Anaheim, 92804
$112,500.00 $78.00 PW13203767 $510,000.00 12/09/13 S715891 $397,500.00 6020 East Ladera Lane, Anaheim Hills, 92807
$103,100.00 $77.00 PW13127320 $453,000.00 11/01/13 P836405 $349,900.00 930 South Flore Street, Anaheim, 92802
$115,000.00 $76.00 PW13201371 $485,000.00 11/19/13 OC13133332 $370,000.00 529 South Mancos Avenue, Anaheim, 92806
$178,000.00 $74.00 SW13208112 $748,000.00 11/08/13 SW13094369 $570,000.00 8500 East Canyon Vista Drive, Anaheim Hills, 92808
$180,000.00 $74.00 PW13236963 $450,000.00 01/10/14 S712722 $270,000.00 11561 Mossler Street, Anaheim, 92804
$195,500.00 $71.00 PW13137269 $767,500.00 11/21/13 PW13036701 $572,000.00 100 South Avenida Felipe, Anaheim Hills, 92807
$133,500.00 $70.00 IG13213849 $516,500.00 11/27/13 PW13032084 $383,000.00 820 North Justin Place, Anaheim, 92801
$109,000.00 $69.00 OC13143253 $439,000.00 08/22/13 PW13066363 $330,000.00 848 South State College Boulevard, Anaheim, 92806
$195,000.00 $68.00 OC13191423 $515,000.00 09/24/13 OC13017854 $320,000.00 127 West Cliffwood Avenue, Anaheim, 92802
$107,000.00 $67.00 PW13143538 $602,000.00 09/03/13 PW13037736 $495,000.00 7839 East Viewmount Court, Anaheim, 92808
$90,000.00 $65.00 PW13062212 $415,000.00 12/23/13 OC13013250 $325,000.00 410 South Danbrook Street, Anaheim, 92804
$109,000.00 $61.00 PW13194045 $479,000.00 11/14/13 IV13121958 $370,000.00 1408 West Glen Drive, Anaheim, 92801
$101,000.00 $61.00 IV13213483 $451,000.00 11/27/13 P845801 $350,000.00 514 South Bond Street, Anaheim, 92805
$79,500.00 $61.00 PW13198436 $452,500.00 11/04/13 PW13106648 $373,000.00 1855 South Gail Lane, Anaheim, 92802
$94,900.00 $61.00 IV13169176 $534,900.00 11/26/13 SB13033070 $440,000.00 6104 East Paseo Rio Verde, Anaheim Hills, 92807
$90,000.00 $59.00 PW13252615 $450,000.00 01/31/14 NP13175493 $360,000.00 2231 East Ward, Anaheim, 92806
$120,000.00 $58.00 PW13150205 $500,000.00 09/20/13 S700648 $380,000.00 1145 North Ventura Street, Anaheim, 92801
$110,000.00 $58.00 PW13196928 $530,000.00 12/31/13 TR13065312 $420,000.00 1916 East Almond Drive, Anaheim, 92805
$99,000.00 $57.00 PW13185053 $410,000.00 12/10/13 PW13047352 $311,000.00 1929 East Santa Ana Street, Anaheim, 92805
$82,500.00 $57.00 PW13208943 $450,000.00 12/03/13 PW13047957 $367,500.00 403 East Broadway, Anaheim, 92805
$65,000.00 $54.00 PW13035089 $400,000.00 11/19/13 P839862 $335,000.00 10152 D Este Drive, Anaheim, 92804
$101,500.00 $52.00 PW13120047 $350,000.00 08/28/13 P840576 $248,500.00 742 North Pauline Street, Anaheim, 92805
$78,000.00 $45.00 PW13139509 $545,000.00 11/05/13 PW13069128 $467,000.00 1809 North Holbrook Street, Anaheim, 92807
$50,000.00 $43.00 PW13182799 $445,000.00 11/08/13 PW13112764 $395,000.00 2136 West Cris Avenue, Anaheim, 92804
$160,000.00 $39.00 PW13036976 $550,000.00 09/13/13 P835535 $390,000.00 526 South Archer Street, Anaheim, 92804
$73,000.00 $38.00 PW13171388 $463,000.00 12/23/13 PW13085054 $390,000.00 1910 West Willow Avenue, Anaheim, 92804
$80,000.00 $37.00 OC13165316 $465,000.00 10/15/13 PW13054061 $385,000.00 1871 West Chateau Avenue, Anaheim, 92804
$65,000.00 $33.00 PW13174459 $435,000.00 10/01/13 PW13113800 $370,000.00 818 South Hayward Street, Anaheim, 92804
$90,000.00 $33.00 OC13130076 $690,000.00 10/28/13 S718137 $600,000.00 6647 East Princeton Avenue, Anaheim Hills, 92807
$40,810.00 $32.00 OC13137502 $412,810.00 09/24/13 OC13053352 $372,000.00 1791 West Minerva Avenue, Anaheim, 92804
$30,000.00 $23.00 PW13195966 $380,000.00 11/26/13 IV13067933 $350,000.00 700 South Dickel Street, Anaheim, 92805
$180,000.00 $20.00 OC13093164 $610,000.00 09/06/13 Y1206781 $430,000.00 1694 West Ord Way, Anaheim, 92802
$25,000.00 $18.00 PW13193955 $450,000.00 11/10/13 PW13151004 $425,000.00 4917 East Holbrook Street, Anaheim, 92807
$16,499.00 $13.00 PW13196709 $286,499.00 12/13/13 PW13073271 $270,000.00 1794 West Glenoaks Avenue, Anaheim, 92801
-$140,000.00 -$91.00 P839231 $280,000.00 12/16/13 SW13064730 $420,000.00 3359 West Brady Avenue, Anaheim, 92804
-$284,585.00 -$224.00 OC13101105 $415.00 09/04/13 P835183 $285,000.00 1213 East Adele Street, Anaheim, 92805
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