I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???
Yes, rental activities and sales, qualify for the Business Profit. However, the Business Profit return is only required if your net profit from your rental exceeds $50,000 and Business Enterprise Tax return is only required if your total sale income is more than $208,000.
You also get to deduct an allowance for any personal 'services' if you participated in renting or managing the property. Find average compensation for NH here: https://www.nhes.nh.gov/elmi/products/oes-prod.htm
You can update the forms under the State Taxes tab.
It depends. Rental activities and sales, qualify for the Business Profit. However, the Business Profit return is ONLY required if the business organization, organized for gain or profit carrying on business activity within the state is subject to this tax. Organizations with $50,000 or less of gross receipts from all their activities are not required to file a return.
If you are a not a resident of New Hampshire, and the only income you have to report there is the Capital Gain from the sale of a rental home there, you are not required to file a New Hampshire state return.
New Hampshire does not levy a personal income or capital gains tax on Business Enterprise income under $222,000.
Click this link for more info from the NH Dept. of Revenue.
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