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captken03062
New Member

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

5 Replies
AmandaR1
New Member

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.

Fosterconsult
New Member

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

It is gross sales $50,000 or higher, NOT net.

DianeW777
Expert Alumni

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

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.

Mcneewee
New Member

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

I made a profit of $57,000 after selling a rental property in New Hampshire.  Do I have to pay taxes on the whole $57,000 or is the first $50,000 not taxable?

MarilynG
Expert Alumni

I sold a rental property in New Hampshire, do I owe any tax? buisness profit or Business Enterprise Tax???

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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