N-103: Sale of Your Home (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Hawaii Form N-103 reports the sale of your main home and calculates the gain or loss, any exclusion, and taxable gain. It also includes information about Individual Housing Account funds used to purchase the home.
Who files this form
Form N-103 is used to report the sale of your former main home and calculate the gain or loss, exclusion, and taxable gain. The 2024 form says to attach it to Form N-11 or N-15.
It also asks whether any part of the home was rented out or used for business, and whether Individual Housing Account funds were used to buy it. The form refers you to separate instructions for certain details, but those instructions are not included here.
What you'll need
Have the information needed for the form ready:
- Your name and Social Security number, plus your spouse’s information for a joint return.
- The date the home was sold, its sale price, selling expenses, and adjusted basis.
- If you used Individual Housing Account funds to buy the home: the purchase date, distribution amount used, and amount not previously reported.
- If the home had business or rental use: depreciation deductions you took or could have taken for that use between May 6, 1997, and the sale date.
- If the non-use calculation applies: the number of non-use days after 2008 and the total days you owned the home.
If you qualify for a partial exclusion, line 20 asks for the amount from the Find Your Exclusion Limit Worksheet in federal Publication 523.
How to file
Print or type your entries on Form N-103. Complete the general information and follow the line-by-line directions to calculate your gain or loss, exclusion, and taxable gain.
Attach the form to Form N-11 or N-15. The form also provides for filing it by itself. If you file it separately from your tax return, fill in your address and sign and date it. Both spouses must sign a joint filing.
The supplied form does not give a mailing destination or e-file directions.
Common mistakes
- Do not include payments for personal property sold with the home in the home’s sale price on line 8.
- If the gain or loss on line 12 is zero or less, stop there.
- When line 13 applies, include depreciation you took or could have taken, not just deductions you actually claimed.
- On line 16, count all days you owned the home, not just days after 2008.
- If you do not qualify to exclude gain, enter zero on line 20.
- If filing this form by itself, remember your address, signature, and date. Both spouses must sign a joint filing.
Questions people ask
What selling expenses does the form list?
Line 9 lists commissions, advertising and legal fees, and seller-paid loan charges as selling expenses.
What happens if the sale produced no gain?
Subtract your adjusted basis on line 11 from the amount realized on line 10. If the result on line 12 is zero or less, the form tells you to stop there.
What if I used Individual Housing Account funds to buy the home?
Answer “Yes” on line 3 and complete the applicable entries on lines 4 through 7. If line 6 is more than zero, the form says to include that amount on Form N-11, line 10, or Form N-15, line 19, and continue to line 7. If line 6 is zero, go to line 8.
How is taxable gain calculated?
Line 21 is the smaller of the gain eligible for exclusion on line 19 or your exclusion limit on line 20. Line 22 calculates taxable gain by subtracting line 21 from the gain on line 12.
Do references to spouses include civil union partners?
Yes. The form states that references to “married” and “spouse” also mean “in a civil union” and “civil union partner,” respectively.