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Old 01-27-2009, 06:40 PM
264 posts, read 819,663 times
Reputation: 235


Originally Posted by Haoleman View Post
One more thing. If you pass along a tax to a renter, it is not a tax but income to you which you pay more tax on as income on your federal tax return
If you pay property tax, that's an expense to be debited against the credit of the rent. There is no income at that point.

If you're showing a profit after all the depreciation and other deductions, you're not using the tax laws to your advantage. Once you get that far, you should be looking at a "like kind exchange."

I can assure you we show a taxable profit on none of our properties, yet somehow they're still paying for themselves year after year.

At the state level, NH tax laws are very workable, but it comes down to truly doing your homework and learning what is allowable under the laws. Not just what is common knowledge. Also, many would be surprised to find out just how friendly, and openly willing to help the auditors are at the Department of Revenue. I've been very impressed by the professionalism of the auditors I've contacted to help me clarify issues. I recently dealt with them on several issues including the structuring of a Qualified Investment Company to keep from having to pay the state's business taxes on my businesses' investment profits. It's not an "us against them" attitude at all.

Last edited by MtnFlyer; 01-27-2009 at 06:51 PM..
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Old 01-28-2009, 03:55 PM
41 posts, read 116,340 times
Reputation: 26
I wasn't referring to the whole state as there are many areas that are much better there. We lived in the Dover/Barrington for a year and even though we didn't own property at that time, I didn't see the issues we had in Ashland. But, as I said, try making it with a start up business there with taxes that exceed your income. It might remove the rosiness from your glasses. My experience even dealing with the state is that they were at the best indifferent and offered no suggestions whatsoever to deal with my assessment or the fact that the town adjusted the value of the property at the sale date to us and stuck us with the difference. In every state I have lived in, the property assessment does not change until the new assessments come out every year either based on sales price or a new appraisal. My attorney said they couldn't do this and when I contacted the state, they said there were no rules. It wasn't worth the legal costs to deal with it. I don't buy it and I'm glad I no longer have to deal with it as it's someone elses problem now. As to the thread date, I wasn't aware of it. Sorry.
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Old 01-28-2009, 04:54 PM
264 posts, read 819,663 times
Reputation: 235
Property taxes can be a huge issue. In a public storage business, the concrete kills you both in build out and in taxed improvements. While I haven't fought this battle as of yet in NH, in other areas we would have a regular yearly dance for lack of a better term. Each year we'd file a dispute, get a better offer from the county, then file a law suit against the appraisal district at which time they we normally settled out of court the day of trial. I agree that it can be exhausting. Sometimes it seems like you have to be willing to go to war everday just to protect your interests.

It can be even worse in other places. As a business owner who has been in that situation I'm sure you'll have a full appreciation for the harshness of this one. How would you like to be taxed on your GROSS income and not your net? The state of Washington has a Business & Occupation tax that does just that. To make it worse, some cities there have their own B&O tax on top of the state's B&O tax. If you'd taken in $100K in rents, but paid out $150K in expenses, you would have lost $50K for the year, yet still own tax to the state and perhaps the city on the full $100K you brought through the door.

Now that's rough.
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Old 01-29-2009, 05:33 AM
Location: Londonderry, NH
41,507 posts, read 48,358,138 times
Reputation: 24504
I really like living in New Hampshire between April and October. November to March, not so much.
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Old 01-29-2009, 09:00 PM
2,079 posts, read 2,395,863 times
Reputation: 3947
im gettin used to it. hoepfully in a couple years when im ina career n stuff i will have a better impression of it meanwhile im poor and cant afford nuttin, but whaddya expect when youre a poor college kid?
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Old 01-30-2009, 09:21 PM
Location: Kentucky
148 posts, read 330,065 times
Reputation: 67
I live in Kentucky and we have to pay Federal tax, State tax, City tax and where I work I have to give a union $24 a month for nothing. Have no choice and the pay is poor. I have had about 7 raises since I started working here and still do not make $8/hr.
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Old 01-31-2009, 08:48 AM
264 posts, read 819,663 times
Reputation: 235
Wow. That's got to be rough Dreamer. The cost of living is probably lower where you are, but I would doubt it's low enough to compensate for that. I have a friend up in Paintsville who does fairly well, but that's most likely because he has his own business. I know he too talks about how bad the financial and tax situation is there.

Are you having any luck finding jobs in NH in your field?
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Old 01-31-2009, 09:28 AM
Location: Kentucky
148 posts, read 330,065 times
Reputation: 67
Luckily I am retired and have a pension but I do need a part time job to fill in a little. I will look for that once I move to NH. Will be looking at houses in March and then hopefully sell mine here in Kentucky in a reasonable amount of time.
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Old 10-14-2009, 09:19 PM
1 posts, read 2,571 times
Reputation: 14
I Have lived in many states. Nine years in N.H.. And I am going back there is no place like it! It is the most beautiful state. The people Have a great deal of class, but still down to earth and very friendly. The people leave you alone unlike down south, Virginia! I lived there for several years, Had to! inconsiderate people! Most of them are racist, black and white. Everybody is out to screw one another over.The crime is overwhelming! They are thee most unhappiest people ever. People are not the same wherever you go! The North Rules. Virginia, and most of the South are still fighting the civil war. They cant stand "Yankees" Well heres to you you ignorant Southerners! YOU CAN KISS MY WHITE YANKEE ASS!!!!!!
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Old 10-21-2009, 08:50 AM
Location: Manchester, NH
32 posts, read 37,283 times
Reputation: 26
Originally Posted by unknown stuntman View Post
Best things...
1. The summer (no funner place to live)
2. Don't have to leave extra time to get to work, even if your a 9-5er)
3. Live free or Die! (getting worse w/ the Mass influx, but still ahead of the rest of the northeast)
4. Friendlier people than Southern New England
5. Proximity to both beaches and mts.
6. Beautiful beaches that are easy to get to and park (minus the hell-hole that is Hampton Beach)
7. Skiing
8. Portsmouth
9. Fresh seafood
10. Proximity to Boston

Worst things...
1. Proximity to Boston
2. No alluring urban draws (Portsmouth constitutes urban to some, not others)
3. Overfully cold at times
4. Persistent rain and gray skies at times
5. Influx of Taxachusetts mind-set
6. No big-time local sports spirit- I mean local, not Boston pro teams. This is the worst area for March Madness, but I guess that's the way it is when there aren't good local programs.
7. Hampton Beach
8. Tolls ( though they're cheap)
9. Lack of legitimate social services- again, "live free or die" is great, but it naturally has to come w/ a price.
10. Low wages by northeastern standards
agree with all of that an add outrageous property taxes!
I would however change #9 on your "worst" list. I am very glad that New Hampshire doesn't have more welfare. I'm from Mass and the welfare state has ruined that state. The only thing that will keep NH from completely transforming into Mass is keeping social services to a minimum.
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