Instructions For Form Nh-1040 - Business Profits Tax Return - 1999
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3NEW HAMPSHIRE DEPARTMENT OF REVENUE ADMINISTRATION
FORM
BUSINESS PROFITS TAX RETURN
NH-1040
Instructions
LINE-BY-LINE INSTRUCTIONS
At the top of the return enter the beginning and ending dates of the taxable period if different than the calendar
STEP 1
year 1999.
Name and
Social
Please PRINT the taxpayer’s name and social security number in the spaces provided. Joint returns must
Security
include spouse’s name and social security number. Social security numbers are required pursuant to the
Number
authority granted by 42 USC, Section 405.
STEP 2
Husband and wife may NOT combine net results of separately held business organizations. All applicable
Figure
federal forms must be attached.
Your Tax
Line 1:
PROFIT OR (LOSS) FROM BUSINESS
Enter the total net income (loss) of all separately owned Schedule C business activities in the respective
column indicating ownership. Please be sure to enter the net income (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 INCOME
(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
income (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 OR (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 within and without 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.
(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; do not include royalty income or expenses.
(b)
Enter the amount shown on Federal Form 4835, Net Farm Rental Profit or Loss, line 32. If a loss, show
dollar amount in parenthesis, e.g. ($50).
(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 INCOME OR (LOSS)
Enter the total amount of your net farm profit or (loss) from Federal Form 1040, Schedule F, line 36.
Line 4: NET GAIN AND/OR (LOSS) ON SALE OF ASSETS FROM A BUSINESS, FARMING AND/OR RENTAL
ACTIVITIES.
Lines 4(a) and 4(b). If you need additional space, please attach a schedule.
Column 1: Enter the description of property held or used for business as shown on Federal
Form 1040, Schedule D or Form 4797, e.g. land, building, vehicle, etc.
Column 2: Enter the amount shown on Schedule D or Form 4797 as a gain or 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 or 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 OR 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.
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 $6,000 for tax years ending
prior to July 1, 1981, or $12,000 for tax years ending July 1, 1981, through June 30, 1993, or $50,000 for tax
years ending July 1, 1993, and after.
NH-1040
Instructions
Rev. 12/99
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