Tag: inheritance

How Will Receiving a Large Sum of Money Affect Your Taxes

Amherst, NH Resident Looks for Answers

If you receive a large sum of money, the tax rate will depend on why you received the money.  Money that is received through the lottery or other winnings is generally taxed at your standard tax rate.  When the windfall is received because of selling real estate properties or a business, the rate will usually fall under the long-term capital gains rate, if the assets have been in your possession long enough.  Money received as an inheritance may be subject to the inheritance tax depending on the state you live in.  New Hampshire does not have an estate tax.

An Amherst resident recently received a large amount of money from his employer.  Concerned about how this would affect his taxes at the end of the year, he sought the advice of Merrimack Tax Associates.

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How Will the Stimulus Package Affect Your Taxes

How Will the Stimulus Package Affect Your Taxes

Bedford, NH Resident Has Concerns

The government’s recent stimulus package was distributed to millions of Americans.  The stimulus money is not considered income by the IRS and will not be taxed.  While the money itself is not taxed, this will count toward your household’s adjusted gross income for 2020.  For some, this additional income may be enough to put you into a higher tax bracket. 

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How Will My Inheritance Be Taxed?

How Will My Inheritance Be Taxed

Amherst, NH Resident Seeks Advice

An inheritance can be taxed through an inheritance tax and an estate tax.  The estate tax will come directly out of the estate before it is divided and distributed, leaving recipients only responsible for the inheritance tax.  There is no federal inheritance tax and only some states, New Hampshire not being one of them, collect an inheritance tax.  In most cases, taxes will already be taken out of the estate before it is given to the benefactors.

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best-ways-to-protect-your-inheritance-from-taxes

Nashua, NH Resident Needs Help

If the property and other inheritance is below a certain dollar threshold, this will not be taxed.  The estate tax can be up to 40% of the value of the inheritance, depending on how much the inheritance totals.  In the United States this threshold is just over $11.5 million.  One way to avoid having your loved ones pay exorbitant taxes on their inheritance is by giving away your assets prior to your death.  $15,000 can be gifted each year to an individual without paying tax.

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

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Thursday: Closed
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Sunday: Closed
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Tuesday: 9AM-5PM
Wednesday: 9AM-5PM
Thursday: 9AM-5PM
Friday: 9AM-4PM
Saturday: 9AM-2PM