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Old 02-04-2021, 03:11 PM   #24
Biggd
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Join Date: Nov 2016
Location: Waltham Ma./Meredith NH
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Quote:
Originally Posted by tummyman View Post
One of your biggest issues post retirement is Estate Taxes for your beneficiaries. Without going into the whole topic, MA has a terrible and regressive Estate Tax situation that taxes everything world wide unless you pay taxes elsewhere. What that means if you die a MA resident and have property in NH, the State of MA will tax that NH property. NH and FL are two states that have NO Estate Taxes. So buying anything in MA makes no sense to me. Make NH your permanent home, rent in the south, and be HAPPY to throw your winter clothes away !!! You have to think hard about the estate tax situation. It is a big deal and cost. Also, sell your MA property BEFORE becoming a NH resident and you can claim the one time Federal capital gains tax exclusion of $500,000 if married and filing jointly. If you become a NH resident first, your MA property becomes your second home and capital gains is fully taxable. I am no tax professional, so get real guidance, but this is what I have learned over the years.
I don't believe that fed estate capital gains is a one time exclusion. I've already taken it once and I believe I can take it again after living in my new residence for at least 2 years.
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