P
Pico Rico
If one owns a vacation rental condo in Hawaii (and that is all), a Hawaii
state income tax return is required, regardless of whether there is any
taxable income or not.
The instructions say:
Election to File Form N-15 Without Providing
Information as to Worldwide Source Income
In lieu of providing information as to worldwide source income, nonresident
taxpayers (including nonresident alien taxpayers) and part-year resident
taxpayers
may elect to file Form N-15 without claiming any standard deduction
or personal exemption amounts. Itemized deductions calculated using the
ratio of Hawaii adjusted gross income to Total adjusted gross income may not
be claimed. Also, tax credits which are based on total adjusted gross income
from all sources may not be claimed. To make this election, enter zero on
line
36, Ratio of Hawaii AGI to Total AGI.
Does this mean I can consider my California Source Income as "worldwide
source income" and substantially ease the paperwork burden with respect to
Hawaii?
Also, it says you need to file a copy of your Federal return. Is this true
if you make the above election? Yes or no, do you need to file a copy of
ALL of the federal return, or just the 1040 itself?
state income tax return is required, regardless of whether there is any
taxable income or not.
The instructions say:
Election to File Form N-15 Without Providing
Information as to Worldwide Source Income
In lieu of providing information as to worldwide source income, nonresident
taxpayers (including nonresident alien taxpayers) and part-year resident
taxpayers
may elect to file Form N-15 without claiming any standard deduction
or personal exemption amounts. Itemized deductions calculated using the
ratio of Hawaii adjusted gross income to Total adjusted gross income may not
be claimed. Also, tax credits which are based on total adjusted gross income
from all sources may not be claimed. To make this election, enter zero on
line
36, Ratio of Hawaii AGI to Total AGI.
Does this mean I can consider my California Source Income as "worldwide
source income" and substantially ease the paperwork burden with respect to
Hawaii?
Also, it says you need to file a copy of your Federal return. Is this true
if you make the above election? Yes or no, do you need to file a copy of
ALL of the federal return, or just the 1040 itself?