Overview for Successful Ownership Avoiding Costly Tax Mistakes
Planning to buy, rent long term or vacation rent and eventually sell Hawaii real estate can be complicated and best done well in advance of contracting to buy or offering to sell real estate in Hawaii. Putting your real estate investment to work generating income by renting it out long term (180 days or more) or for even more $$$ as a vacation rental is a great idea to offset the cost of your permanent residence or pay for many future Hawaiian vacations for you and your family. Then, sell it down the road hopefully for a generous capital gain! When you grab a piece of paper or a spreadsheet to see how much of a good deal this is there are some tax
One of the most common questions I get selling real estate on Maui is "How much are taxes?" With so many people retiring on a fixed income, or hard working families looking to keep home ownership costs under control, knowing what the tax man will take is a major key consideration in a purchase.
Here are the top 5 things you need to know about real property taxes on Maui. (Click Here for Maui Tax Calculator)
The advertised tax cost in the listing is not necessarily what you will be paying! Why? Because when you close on a property on Maui, you “inherit” the tax rate of the previous owner, until the next fiscal tax year (which actually begins in the summer!) So let’s say you purchased a home from a second
