Form N-158 Investment Interest Expense Deduction - Hawaii

What Is Form N-158?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form N-158?
A: Form N-158 is a tax form used in Hawaii to claim an investment interest expense deduction.

Q: What is an investment interest expense deduction?
A: An investment interest expense deduction is a tax deduction that allows you to deduct the interest expense paid on money borrowed to invest.

Q: Who is eligible to claim the investment interest expense deduction in Hawaii?
A: Any taxpayer in Hawaii who has investment income and has paid interest on borrowed funds for investment purposes can claim the investment interest expense deduction.

Q: What information do I need to complete Form N-158?
A: You will need to gather information about your investment income and the interest expenses you paid on borrowed funds for investment purposes.

Q: When is the deadline to file Form N-158?
A: The deadline to file Form N-158 is the same as the deadline to file your Hawaii state tax return, which is usually April 20th.

Q: Can I e-file Form N-158?
A: Yes, you can e-file Form N-158 if you are using approved tax software or working with a tax professional who offers e-filing services.

Q: What do I do if I made a mistake on Form N-158?
A: If you made a mistake on Form N-158, you can file an amended Form N-158 to correct the error.

Q: Can I claim the investment interest expense deduction on my federal tax return as well?
A: Yes, you can claim the investment interest expense deduction on your federal tax return using Form 4952.

Q: Is there a limit to the amount of investment interest expense I can deduct?
A: Yes, there are limitations on the amount of investment interest expense you can deduct. The limit is generally the amount of investment income you have.