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New Hampshire Tax Law Questions & Answers
1 Answer | Asked in Business Formation and Tax Law for New Hampshire on
Q: I’ve started selling 20 years worth of saved up stuff on eBay. I’m starting to think I may hit the 20k threshold 4 1099

We have 5 kids and 20 years worth of all you can imagine from that and inherited items. We both work, I make over 100k. This thing I’ve been procrastinating to do is a ton of work but also fun and rewarding. I’m probably going to hit the 20k cash in threshold for PayPal to issue a 1099. I’ve... Read more »

Eric Steven Day
Eric Steven Day answered on Sep 19, 2020

The IRS has what’s considered a the hobby loss rules, which is essentially they will check to see whether you have entered into business with a profit motive. If you never make a profit and your intent is to tak the losses on your return, the IRS will consider what your doing a hobby and not an... Read more »

2 Answers | Asked in Bankruptcy, Estate Planning, Real Estate Law and Tax Law for New Hampshire on
Q: I am the trustee of a living trust. Can a court take the real property in the trust if I have a judgment against me?

I may file bankruptcy. Is the real property in the trust considered my asset? Can it be taken away from me? (I am co-trustee and beneficiary)

Nina Whitehurst
Nina Whitehurst answered on May 2, 2020

The answer could go either way depending on the terms of the trust. Have an attorney who understands trusts and asset protection review this trust.

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1 Answer | Asked in Tax Law for New Hampshire on
Q: the court doc says claim taxes every other yr. can i claim every yr if hes with me every day this yr

i did not have a job 8 yrs ago when doc was made. have job now and i have joint custody

D. Mathew Blackburn
D. Mathew Blackburn answered on Jan 14, 2020

IRS rules allow for the custodial parent to claim the child every year. Under IRS rules the custodial parent is whoever has the child more.

However, if you violate the court order you are subject to a contempt proceeding. You should negotiate with the other party or file for a revision to...
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1 Answer | Asked in Tax Law for New Hampshire on
Q: My husband’s employer reported him and other new hires as being exempt from federal withholding when they claimed 0

No taxes were withheld so we now owe. Does he have any recourse?

Linda Simmons Campbell
Linda Simmons Campbell answered on Feb 11, 2018

Your husband will need to pay the taxes he owes. The IRS will be of the opinion that he should have noticed that taxes were not being withheld and corrected the issue. As far as the money that he owes, he can set up a collection alternative if he cannot pay the balance due. If the amount owed is... Read more »

1 Answer | Asked in Bankruptcy and Tax Law for New Hampshire on
Q: Why would a chapter 13 trustee take excess tax refunds if the payment plan is 100% funded payback?

Isn't your disposable monthly income calculated using your gross income which essentially includes the "yearly tax refund" amount? If we are using our disposable income to fund the plan at 100% payback, how is it legal for the trustee to take more to get it faster? Legally don't... Read more »

Robert O'Brien
Robert O'Brien answered on Jan 26, 2018

Greetings!

Chapter 13 plans are funded by "disposable income" of the chapter 13 bankruptcy estate, which is based on "household income". Included in most NH chapter 13 plans is a provision that requires chapter 13 debtors to pay over to the trustee all income tax...
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