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Screen NHInstPY - New Hampshire Prior Year Installment Sale

Use this screen to review proforma’d information from the previous year and to report any state-related law differences and details. Information that appears in the NHInstPY screen is automatically proforma’d from the previous year and transferred to this input screen from the federal InstPY screen.

State Use code

For prior year installment sales:
Code 1
: Do not calculate a unit of the New Hampshire Sale of Business Assets Worksheet for this prior year installment sale. Intent for Code
1
 data entry is that the entire gain was recognized in full on Form NH-1040 (Business Profits Tax) in the year of sale, or taxpayer’s total gross business receipts was under the filing threshold in the year of sale and, thus, the gain is not reportable on current year Form NH-1040.
Code 2
: For prior year installment sale, calculate a unit of the New Hampshire Sale of Business Assets Worksheet for this prior year installment sale and automatically include any gain attributable to current year payments on Form NH-1040 (Business Profits Tax). When using this code, the worksheet calculations do not cross-check date of sale or selling price.
Blank
: For prior year installment sale, calculate a unit of the New Hampshire Sale of Business Assets Worksheet for this prior year installment sale. Compare Date of Sale and Selling Price to the gross business receipts threshold that was in place for the year of sale.
  • If the selling price exceeds the gross business receipts threshold for the year of sale, the assumption is that the gain attributable to current year payments qualifies to be reported on the current year Form NH-1040 (Business Profits Tax).
  • If the selling price does not exceed the threshold that was in place for the year, the gain will not be included on Form NH-1040. The program does not track a history of gross business receipts for prior years. In this scenario, if you determine that the gain actually does qualify because the taxpayer’s gross business receipts during the year of sale exceeded the threshold that was in place for that tax year, you must use code
    2
     to force the gain to be reported on current year Form NH-1040
Date
Threshold
Pre-1981
$6,000
1981-1992
$12,000
1993-2021
$50,000
2022
$92,000
2023-Present
$103,000

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