Form N-288C - Application for Tentative Refund of Withholding on Dispositions by Nonresident persons of Hawaii Real Property Interests. Escrow has closed and 5% of the sales price has been remitted by escrow to the State of Hawaii on behalf of the buyer. If escrow closes early in the year, you will probably want to file form N-288C to receive a refund of most of the over-withheld tax.

Form N-15 - Individual Income Tax Return NONRESIDENT and PART-YEAR RESIDENT Even if you file N-288C, you are still required to file N-15 at the end of the year. If the escrow closes near to the end of the year, you may want to forego filing N-288C and instead apply for the refund on form N-15. You should note that the refund calculated on N-288C is based solely on the sale transaction. You need to file form N-15 to report current year income and expense, to report prior year loss carry-overs and to take a deduction for exemptions and itemized deductions. In most cases, unless you have positive income(from other than the real estate sale) from within the State of Hawaii, you will get an additional refund by filing N-15 at the end of the year.