Gail in Virginia Posted March 16, 2020 Report Share Posted March 16, 2020 I have a client who sold a mobile home that had been lived in by various family members in New Hampshire. Client is a VA resident. I see that NH taxes interest and dividends but not wages. What about property sales? Are there any NH preparers (or NH Adjacent) who can help me out with this? Quote Link to comment Share on other sites More sharing options...
Max W Posted March 16, 2020 Report Share Posted March 16, 2020 There is a real estate transfer tax of 7.5%. https://www.revenue.nh.gov/forms/2017/documents/cd-57-s-2016-print.pdf Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 16, 2020 Author Report Share Posted March 16, 2020 That looks like something that would have been handled at the closing since it has to be filed within 30 days of the transfer. So hopefully the attorney would have handled that. If not, it would have already been late when I got the information. Quote Link to comment Share on other sites More sharing options...
Edsel Posted March 17, 2020 Report Share Posted March 17, 2020 Can't help with NH (dunno), but it has become common for some states to withhold state tax at the point of sale of real estate. This assures that in the event the sale is even partially taxable, the seller won't be able to skip town without being forced to file a return to get most of his money back. The legislation has been floating in and out of Alabama for awhile. Quote Link to comment Share on other sites More sharing options...
Max W Posted March 17, 2020 Report Share Posted March 17, 2020 20 hours ago, Gail in Virginia said: That looks like something that would have been handled at the closing since it has to be filed within 30 days of the transfer. So hopefully the attorney would have handled that. If not, it would have already been late when I got the information. Yes. You are quire right. A client asked me to fill out a similar return for a rental sold in OR. Quote Link to comment Share on other sites More sharing options...
Max W Posted March 17, 2020 Report Share Posted March 17, 2020 14 hours ago, Edsel said: Can't help with NH (dunno), but it has become common for some states to withhold state tax at the point of sale of real estate. This assures that in the event the sale is even partially taxable, the seller won't be able to skip town without being forced to file a return to get most of his money back. The legislation has been floating in and out of Alabama for awhile. Taxifornia has a 3.5% state tax withholding, which has been in effect for about 8 years. The broker fills out a form, 593, that is needed for the tax prep. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 17, 2020 Author Report Share Posted March 17, 2020 Thank you for your help, Max! Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 18, 2020 Report Share Posted March 18, 2020 On 3/16/2020 at 2:16 PM, Gail in Virginia said: What about property sales? Interest and dividends in excess of $7,500 only. NH doesn't recognize S-corp election, and has special rules for p'ships. Your client is clear. 1 Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted March 18, 2020 Author Report Share Posted March 18, 2020 Thanks, Catherine. Quote Link to comment Share on other sites More sharing options...
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