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8NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION
FORM
PROPRIETORSHIP BUSINESS PROFITS TAX RETURN
NH-1040
LINE-BY-LINE INSTRUCTIONS
Instructions
At the top of the return enter the beginning and ending dates of the taxable period if different from the calendar year.
STEP 1
Name and
Please PRINT the taxpayer's name, address, Social Security Number (SSN), Federal Employer Identification Number (FEIN), or Depart-
Social
ment Identification Number (DIN) and principal business activity code in the spaces provided. If you have received a booklet of tax
Security
Number
forms that are preprinted, please use that form.
Enter spouse's name and SSN in the spaces provided for separate proprietorship only. Social Security Numbers are required pursuant
to the authority granted by 42 U.S.C.S., Section 405. Wherever SSN's or FEIN's are required, taxpayers who have been issued a DIN,
shall use their DIN only, and not SSN or FEIN.
NOTE
Husband and wife may NOT combine net results of separately held business organizations. All applicable federal forms,
schedules C, D, E, F, 4797, or 6252, as applicable, must be attached.
BONUS DEPRECIATION
STEP 2
Line 1
Figure
Check the box and complete the appropriate Schedule R for each separate activity.
Your Tax
PROFIT (LOSS) FROM BUSINESS
Enter the total net profit (loss) of all separately owned Schedule C business activities in the respective column. Please
be sure to enter the net profit (loss) from all of your separate business activities in your column and all of the net income
(loss) from your spouse’s separate business activities in the spouse’s column. SPOUSES JOINTLY OWNING AND
OPERATING A SCHEDULE C BUSINESS ACTIVITY WILL BE PRESUMED TO BE A SINGLE PROPRIETORSHIP AND
SHOULD REPORT THE TOTAL PROFIT (LOSS) UNDER ONE COLUMN. If a loss, show dollar amounts in parenthesis,
e.g. ($50).
If any of the Schedule C activity is conducted outside New Hampshire, you must report on Line 1 the TOTAL net profit
(loss) from all Schedule C activity. You are also required to complete and file Form DP-80, Apportionment of Income. See
Line 12 for further instructions on apportionment.
Line 2
RENTAL INCOME (LOSS)
Enter the total amount of rental income (loss) attributable to you and/or your spouse under the appropriate column.
SPOUSES JOINTLY OWNING OR SELLING RENTAL PROPERTY WILL BE PRESUMED TO BE A SINGLE PROPRIETORSHIP
AND SHOULD REPORT THE TOTAL RENTAL INCOME (LOSS) UNDER ONE COLUMN. If the rental income (loss) is
derived from joint ownership and the other owner is not reporting on this form, attach a schedule showing the joint
owner’s name(s), social security number(s) and respective share of net income (loss).
If rental property is owned both inside and outside New Hampshire, you must report on Line 2 the TOTAL net income
(loss) from all rental property activity. You are also required to complete and file Form DP-80, Apportionment of Income.
See Line 12 for further instructions on apportionment.
LINE 2(a)
Enter the total of Federal Form 1040, Schedule E, Line 22, columns A + B + C. Include only the Line 22 amounts attributable
to rental activity.
LINE 2(b)
Enter the amount shown on Federal Form 4835, Net Farm Rental Profit (Loss), Line 32. If a loss, show dollar amount in
parenthesis, e.g. ($50).
LINE 2(c)
Enter the sum of Lines 2(a) and 2(b) on Line 2(c) separately for Column A and Column B.
Line 3
FARM PROFIT (LOSS)
Enter the total amount of your net farm profit (loss) from Federal Form 1040, Schedule F, Line 36.
Line 4
NET GAIN (LOSS) ON SALE OF ASSETS FROM A BUSINESS, FARMING AND/OR RENTAL ACTIVITIES.
Line 4(a)
If you need additional space, please attach a schedule.
and
Column 1:
Enter the description of property held or used for business as shown on Federal Form 1040, Schedule D or
Line 4(b)
Form 4797, e.g. land, building, vehicle, etc.
Column 2:
Enter the amount shown on Schedule D or Form 4797 as a gain (loss). If a loss, show dollar amount in
parenthesis, e.g. ($50).
Column 3:
Enter any amount which is attributable to an accumulated passive loss used to calculate the gain (loss)
reported in Column 2.
Column 4:
Enter the total of Column 2 plus Column 3.
Column 5:
Enter the amount shown in Column 4 which is attributable to you.
Column 6:
Enter the amount shown in Column 4 which is attributable to your spouse.
Line 4(c)
Enter the total of Lines 4(a) and 4(b) on Line 4(c) separately for Column A and Column B.
Line 5
INSTALLMENT GAIN (LOSS)
Taxpayers who are reporting the sale of business assets on the installment basis for federal tax purposes must also use
the installment method on Form NH-1040. Under certain conditions, an election can be made by using Form DP-95 to report
the entire gain in the year of sale. Form DP-95 may be obtained by calling (603) 271-2192 or from our web site at
Taxpayers who have sold business or rental property on the installment basis will be considered a business organization
until all the installments have been reported and the total tax paid. You MUST file a return every year, regardless of the
amount of installments, if the actual sales price exceeded $50,000 for taxable periods ending July 1, 1993, to the present.
If you need additional space, please attach a schedule.
Line 5(a)
Column 1 Enter the original date of the sale.
and
Column 2 Enter the taxable amount of gain or loss from Federal Form 6252 for this tax year. If a loss, show dollar amount
Line 5(b)
in parenthesis, e.g. ($50).
Column 3 Enter any amount which is attributable to an accumulated passive loss used to calculate the gain (loss)
reported in Column 2.
Column 4 Enter the total of Column 2 plus Column 3.
Column 5 Enter the amount shown in Column 4 which is attributable to you.
Column 6 Enter the amount shown in Column 4 which is attributable to your spouse.
Line 5(c) Enter the total of Lines 5(a) and 5(b) on Line 5(c).
NH-1040
Instructions
Rev. 10/1/06
37
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