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| *Loan,banking and credit>>>tax planning |
I work in MA but am planning to buy a home in NH. Does anyone know how this will affect my income taxes? |
I know there is a benefit to working in NH, but will I lose out by doing the reverse? Do I get to claim my MA taxes when I file? I have tried researching this, but to no avail. Thanks to anyone in the same boat! You will kind of lose out by doing the reverse. New Hampshire doesn't have an income tax, only a business tax and an interest and dividends tax, so you won't get credit for Mass Income taxes that you will have to pay. You will also have to file a non-resident Massachusetts income tax return. As far as federal goes, you will get to deduct your New Hampshire property taxes, and Massachusetts income taxes paid on your Schedule A - Itemized Deductions. You will have to file a MA Non-Resident tax return. You can claim your MA taxes on your Sch A. You'll have no benefit what so ever. In fact, living in NH and working in MA will probably cost you in the long run because property taxes are insanely high in NH because they have no income or sales tax. Then there's the commuting costs to consider. Your income will be fully taxed in MA, at least the income that is earned in MA. You'll just start filing non-resident returns in MA but this won't save you a dime in taxes. You'd have to live AND work in NH to reduce your tax bill. But as I said earlier, property taxes in NH are INSANE so that might not save you anything in the long run. Been there, done that. Won't do it again! |
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