Home Selling in Hawaii: Do This 10 Days before You Close to Avoid HARPTA

If you're selling a home in Hawaii, 7.25% of the sale price can be held back at closing. And if you're the one buying, you're the one the state comes after for it. I'm Corinda Wong, a real estate agent in Kailua for over 35 years. In this video I sit down with Tabitha, a CPA who has filed close to a thousand HARPTA applications and recovered millions of dollars for sellers, to walk through what HARPTA actually is and who it really applies to. The key thing to understand up front: HARPTA isn't a tax, it's a withholding. It comes off the gross sale price, not your profit — on a million-dollar sale that's $72,500 that doesn't reach you on closing day. And if you're a Hawaii resident, you are not automatically exempt. You have to hand Form N-289 to the buyer at or before closing to claim it. Miss that, and the money still goes to the state and you wait to get it back. We go through the myths we both hear constantly, what the waiver actually requires, and the tax issues that come up when a property has been passed down or was ever a rental. Free checklist — what to ask about HARPTA before you list or make an offer: https://corinda-wong.kit.com/750b6ae2ec 0:00 Intro 0:53 Meet Tabitha 2:02 It's 7.25% of the sale price, not your profit 3:15 Why the buyer is the one on the hook 4:59 Truth or Myth: "It doesn't apply, I'm a Hawaii resident" 6:39 How the waiver works and the 10-day deadline 7:22 "It's my primary residence, so I'm exempt" 8:45 "I'm doing a 1031, so it doesn't apply" 11:00 "Military families don't have to deal with HARPTA" 12:22 "The tax department doesn't care about GET" 13:34 Get the free checklist 14:09 What sellers actually ask: how much will I owe? 17:14 When a property has been passed down 19:02 If the property was ever a rental 20:45 How FIRPTA is different from HARPTA 21:08 Outro If you take one thing away: HARPTA isn't a tax, it's a withholding. If you're a Hawaii resident selling your home, fill out Form N-289 and hand it to escrow. Grab the checklist before you list, not the week you're closing. If you're here in Hawaii and you're thinking about selling or buying and you want help figuring out what this looks like for your situation, send me a message. This video is general information, not tax or legal advice. Talk to your CPA or attorney about your specific situation. 🏝️ Thinking about buying or selling on Oahu? Start here! Team Wong Hawaii is your trusted guide to navigating the Oahu real estate market. Led by award-winning Realtor® Corinda Wong, the team brings over 35 years of experience and more than 1000 + families served, helping buyers, sellers, and investors make confident real estate decisions across the island. On this channel you’ll discover Oahu market updates, home tours, neighborhood insights, and relocation tips so you can truly understand what it’s like to live, invest, and thrive in Hawaii. If you're considering a move to Oahu or planning to buy or sell property, we’d love to help guide you every step of the way. 🏝️ Serving Oahu: Kailua • Honolulu • Kaneohe • Ewa & beyond 🏆 Hawaii Modern Realty • Luxury & Investment Specialist 🌐 Website https://teamwonghawaii.com 📧 Email corinda@teamwonghawaii.com 📲 Call or Text (808) 306-7242 📅 Schedule a Call https://calendly.com/corindawong 📱 Follow on Social   / teamwonghawaii     / teamwonghawaii   Subscribe for weekly insights, local expertise, and everything you need to know about living on Oahu. 🌺 #realestate #homeselling #realestatetips #curbappeal #homebuyers #housingmarket #realestatelife #property #homeownership #househunting #realestateexpert #homestaging #sellingtips #propertymarket #homepreparation #listingagent #homesale #realestateeducation #homeinspiration #homeguide