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We are about to settle down and start a family, and one seems to be able to get a lot more house in NH for the money, so we are seriously considering doing this. We learned a lot about the benefits/drawbacks of doing this due to the information on this forum, thanks!
One thing that I read which I wanted to ask is, it's been mentioned a couple times here that if one lives in NH and work in MA, he/she cannot deduct mortgage interest (or it would not be advantageous to use itemized deduction vs. standard deduction.) on his/her tax return. I tried to look into this more, but wasn't able to find anything. Can someone please explain why that is?
That is incorrect. Working in MA while living in NH has nothing to do with mortgage interest deductions.
I think you are right. I think I have misinterpreted what I read. Upon further investigation, I think the posts were referring to how home improvements (septic systems, insulated windows, etc.) can't be deducted on the MA Tax Return because the home is not in MA. But I can deduct my mortgage interest on my federal return as usual.
Bow, NH is one area that interests us due to its great school, environment, and proximity to Concord. I have a few questions that I couldn't answer in my research and was hoping that some of the kind folks here can chime in.
I work in the Financial District in Boston, MA so I'll be taking the Concord Coach from Concord to South Station. The commute is long, but I think I can stand it as long as I can read or work on the bus. I am curious to see if there is anyone here who does this commute regularly? I'm wondering, if I take the 6 am or 7 am bus, would I have any trouble finding parking or getting on the bus (due to lines)?
We'll probably live West of the PSNH Merrimack Station. Is air quality a concern?
Lastly, my wife and I are Asian, and we plan to have kids soon. How accepting are the folks in Bow towards minority races? Would our kids have problems making friends?
If the post that you read on not being able to deduct septic replacement was here on the forum, that may have been me. We live in MA and my husband works for a Massachusetts company, so we were thrilled when filling out the MA tax forms to see that the 15k on a septic replacement could be deducted--sadly, it was not to be, as the deduction is for MA residents only. Oh well..
You certainly can deduct your mortgage interest from your federal taxes. What may be a concern for you is that you will be paying relatively high property taxes in NH (Bow is considered higher than average, with a 2014 tax rate of 29.51 per thousand) along with Mass income tax (I believe it's still 5.25%).
Prevailing winds are usually from the west, so the plume tends to drift east. You should be just fine with being west of the power station.
Bow is home to a wide variety of folks. Many professionals who work in Concord's many law firms and nearby Concord Hospital. I wouldn't think that any minority family in Bow would have a difficult time with making friends and settling in. You may be better off in a neighborhood where kids can walk to each other's house rather than a home on a main road. Neighborhood homes tend to be priced somewhat higher than a more secluded location, but in my experience it's easier to make friends with neighbors while walking around a neighborhood rather than on a main road or a winding country road (fast moving traffic, no sidewalks, etc).
Concord to Boston is a tough commute, even when you're letting the bus driver do the work. Winter weather can create real problems on that route.
Have you considered Amherst or Merrimack, NH? They are probably a bit more expensive than Bow but they are also 20 miles closer to Boston and you could take the Boston Express bus from Nashua.
Lastly, my wife and I are Asian, and we plan to have kids soon. How accepting are the folks in Bow towards minority races? Would our kids have problems making friends?
Thanks.
Robert Parrish was rumored to have a home in Bow in the 80s/90s. I don't think he got out much locally but he would have been worshiped if he had. Which may explain why he didn't.
I wouldn't expect much difficulty - Bow is a place where being involved in the community and being successful professionally and financially will likely carry you a long way. And like almost anywhere, being physically attractive and/or well put together never hurts. Having kids who do soccer or hockey or even music is a bonus.
Just don't hold your breath on finding great local Asian cuisine or markets in the Concord metro. Imo you really have to go as far as Methuen before finding good Chinese or Korean food. The thai place in downtown Concord is...edible. The Chinese (and Mexican) around is largely Americanized.
Those things may not matter to you, but for me they are some of the downsides of the area, having lived away from the Concord/Bow area for many years now and looking at going back.
We'll probably live West of the PSNH Merrimack Station. Is air quality a concern?
Well, pretty much all of Bow is west of there, no?
Unless it's in your backyard, I wouldn't worry much - prevailing winds are typically out of the W/NW - neighbors heating with wood will probably be more impactful in terms of particulates and aroma.
If the post that you read on not being able to deduct septic replacement was here on the forum, that may have been me. We live in MA and my husband works for a Massachusetts company, so we were thrilled when filling out the MA tax forms to see that the 15k on a septic replacement could be deducted--sadly, it was not to be, as the deduction is for MA residents only. Oh well..
You certainly can deduct your mortgage interest from your federal taxes. What may be a concern for you is that you will be paying relatively high property taxes in NH (Bow is considered higher than average, with a 2014 tax rate of 29.51 per thousand) along with Mass income tax (I believe it's still 5.25%).
Prevailing winds are usually from the west, so the plume tends to drift east. You should be just fine with being west of the power station.
Bow is home to a wide variety of folks. Many professionals who work in Concord's many law firms and nearby Concord Hospital. I wouldn't think that any minority family in Bow would have a difficult time with making friends and settling in. You may be better off in a neighborhood where kids can walk to each other's house rather than a home on a main road. Neighborhood homes tend to be priced somewhat higher than a more secluded location, but in my experience it's easier to make friends with neighbors while walking around a neighborhood rather than on a main road or a winding country road (fast moving traffic, no sidewalks, etc).
Yes, I do remember now, I think it was your post that I read.
The higher NH property tax + MA income tax is a concern, but we try to look at the NH property tax as savings on not having to send the kids to private schools if we stayed in MA. However, due to the aforementioned higher tax of Bow and its distance from Boston, I am also considering some places closer to the border now.
Good point on getting a neighborhood home vs. a more secluded home. It would probably mean less yard work too!
Concord to Boston is a tough commute, even when you're letting the bus driver do the work. Winter weather can create real problems on that route.
Have you considered Amherst or Merrimack, NH? They are probably a bit more expensive than Bow but they are also 20 miles closer to Boston and you could take the Boston Express bus from Nashua.
Good point about the weather - your point really hit home as I look at the snow currently falling outside the window! It may be more prudent to consider somewhere closer to the border.
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