| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 483.1 | Then there's always the Cayman Islands, etc. | TLE::JBISHOP | | Fri May 28 1993 11:07 | 26 |
| It might be possible--trusts have a location and so pay taxes for
the state in which they are located (I know this because my brother
is trustee for my son's college trust. He lives in Oregon, and
the trust files an Oregon tax return as well as a Federal one, but
not a NH one).
I guess you could make some kind of trading entity, like a company,
located in Texas or NH, in which you would own shares. As long as
you don't sell the shares, there is only unrealized capital gains.
But the company would have income and capital gain, and pay Federal
taxes on it. I suspect those taxes are high, as every mutual fund
I've read a prospectus for says that it will pass on its income and
capital gain to share owners rather than pay taxes on retained income
and gains.
If you cut the "beneficial ownership" connection between you and your
money, so that Mass. wouldn't be able to count the capital gain to the
trust/whatever as gain to you, that might work. You could try to set
up a trust for your aged parents, to be used for this and that, the
capital to revert to you when they die, for example. But a trust for
which you are the beneficiary? I bet Mass. has that angle covered!
Please tell us what you discover after you consult a sophisticated
Mass. tax lawyer!
-John Bishop
|
| 483.2 | Buy CATP while it's cheap | VMSDEV::HALLYB | Fish have no concept of fire | Fri May 28 1993 12:26 | 8 |
| I know of at least one couple that had huge unrealized capital gains.
They moved to NH and THEN sold their stock. I suppose it would be
possible to buy U.S. Treasuries, move back to MA and live off the
interest, state tax-free. As far as I know this is entirely legal.
Of course the real problem is amassing all those capital gains!
John
|
| 483.3 | Taxation without residence ? | STAR::PARKE | True Engineers Combat Obfuscation | Wed Jun 02 1993 18:09 | 16 |
| Re: .1 - Trust located in Oregon being taxed
This has not been my experience. When there was a truse set up for
my set mother in Boston, Mass COULD NOT touch the gains for taxation
purposes as FNB Boston was Trustee for a Vermont Resident, which
therefore made it a Vermont trust, taxable in Vermont.
It would be interesting to know how the Oregon trust is set up so that
one pays Oregon tax when you are not a resident.
I son't know trust law, but my experience seems to be that the state of
creation (where the creator of the trust resided), or trust beneficiary
is the state of taxation.
Bill
|
| 483.4 | Let me check | TLE::JBISHOP | | Wed Jun 02 1993 19:19 | 3 |
| I'll double-check tonight.
-John Bishop
|
| 483.5 | It'll take longer than I thought | TLE::JBISHOP | | Sun Jun 06 1993 12:51 | 8 |
| I looked (took longer to remember to look, sorry) but don't
have any more solid data--nowhere in my files does it say
which state the trust is in (e.g. not in the trust, not in
the request for a Federal Tax ID...). I'll wait until the
next time I'm in touch with my brother the trustee or my
acountant to ask again.
-John Bishop
|
| 483.6 | Mass. Form 1-NR question | ZENDIA::SCHOTT | | Wed Apr 06 1994 22:20 | 7 |
| Another quick question on paying state taxes. I'm a new
Non-resident filer living in NH, working now in Mass.
My W2 lists Box 1: Wages,tips other compensation which is what
I use for my Federal return. Box 17: says State Wages, tips, etc.
For my Mass. tax form, which box do I list use for my Non-resident
income amount?? I think Box 1, and hope Box 17 since its smaller.
|
| 483.7 | get the Form 1-NR inst. guide | SMAUG::GOVOTSKI | Ray Govotski | Thu Apr 07 1994 11:06 | 22 |
|
> My W2 lists Box 1: Wages,tips other compensation which is what
> I use for my Federal return. Box 17: says State Wages, tips, etc.
> For my Mass. tax form, which box do I list use for my Non-resident
> income amount?? I think Box 1, and hope Box 17 since its smaller.
For Form 1-NR, Item 2 is from your U.S. return --
U.S. 1040 line 23,
U.S. 1040A line 14, OR
U.S. 1040EZ line 4
For Form 1-NR, Item 3 Wages, Salaries, Tips, Other Employee Compensation
I used box 17 from my W-2. However, I recommend you get a copy
of the '93 MA. nonresident Income Tax Form 1-NR Schedules and
Instructions, because it details what to do if you were a MA
resident for a portion of '93. There is an "Apportionment
Worksheet" section in the Form 1-NR.
I hope this wasn't clear as mud. :-)
Ray
|
| 483.8 | can't do it on time... | SCHOOL::DESAI | | Thu Apr 07 1994 13:22 | 5 |
| Which form do I need to fill for "extension of filing STATE taxes"?
thanks,
- Rajesh
|
| 483.9 | | NPSS::WADE | Network Systems Support | Thu Apr 07 1994 13:50 | 9 |
| Do you owe them? Last year I just filed ~1 month late and didn't do
anything because they owed me (not good business sense).
Sorry I don't know what the form is but remember if you owe them you have
to send it in with an estimate of what you owe. I'm pretty sure the
book containing the form(s) has info on the late filing form.
Bill
|
| 483.10 | | TLE::FELDMAN | Opportunities are our Future | Fri Apr 08 1994 16:47 | 22 |
| re: .6, .7
In general, if box 17 is less than box 1, it means that your
employer has done the apportionment for you and you must
use the box 17 amount. If you calculate even less, then your
best bet is to try to get a corrected W-2, since the MA DOR
can be stubborn about not taking your word over your
employer's.
Note .6 implies that DEC does the apportionment. This in
turn implies that you must be compulsive about making sure
DEC payroll has an accurate picture of the number of days
you work out of MA.
If box 17 and box 1 are identical, then MA DOR is willing to
assume that your employer hasn't done any tracking, and
therefore they are far more willing to accept your apportionment.
Either way, the advice in .7 about checking the instructions
should be observed.
Gary
|
| 483.11 | Got 2 different numbers for a resident | AWECIM::MCMAHON | Living in the owe-zone | Mon Apr 11 1994 14:07 | 3 |
| Well, my wife is and has been a Mass. resident, and on her W-2, the two
boxes were different amounts. We're waiting to hear from the person who
typed up the W-2's why they're different.
|
| 483.12 | | ZENDIA::SCHOTT | | Tue Apr 12 1994 09:50 | 4 |
| My two numbers are different, but I spent the whole year working
in Mass other than a few weeks vacation which does not equal the
amount of the difference between box 1 and box 17.
|
| 483.13 | | TLE::FELDMAN | Opportunities are our Future | Tue Apr 12 1994 12:45 | 8 |
| Do you participate in the DCRA? It's the only thing I
can think of that might have different deductibilty
rules, causing this difference.
Now you have me wondering. I'll have to double
check my W-2 to see if they're the same on mine.
Gary
|
| 483.14 | Absent minded day | ALLVAX::DUNTON | Frankly my dear..... | Tue Apr 12 1994 12:48 | 5 |
|
can someone please post the address to send a completed Mass NR1 form.
My CPA forgot to return the envelope.
thanks
|
| 483.15 | | ZENDIA::SCHOTT | | Tue Apr 12 1994 15:35 | 5 |
| No, I don't participate in DCRA. I wonder if maybe they credited
me income in NH for January and changed me over in Feb. I did
transition from NH in MA at the beginning of the year. Maybe they
didn't finalize this in my checks for a few weeks?
|
| 483.16 | NH capital gains ? | MARIN::DODGE | | Tue Sep 12 1995 18:20 | 9 |
| Does the State of New Hampshire tax capital gains on stocks ? If so
what are the rates or range of rates ?
Does NH still tax Interest and Dividends ? I think I recall a change a
few years ago to eliminate this tax.
Thanks,
Don
|
| 483.17 | | NETRIX::michaud | Jeff Michaud, That Group | Tue Sep 12 1995 19:19 | 9 |
| > Does the State of New Hampshire tax capital gains on stocks ? If so
> what are the rates or range of rates ?
no tax on gains
> Does NH still tax Interest and Dividends ? I think I recall a change a
> few years ago to eliminate this tax.
yes, it still exists. it's been revised. see existing topic
|