Maneuver on State Tax Shakes Real Estate Industry: Without a Specific Rule Or Law, N.H. has Started to Tax Something That No Other State Taxes (Taxes‪)‬

Ronald Gosselin sold a shopping plaza in Manchester for $2.3 million and then reinvested that money, under three different limited liability companies in three separate projects around the country. The entire transaction was done without having to pay any tax on capital gains under federal law and--so he thought--under New Hampshire law. But last December the state Department of Revenue Administration sent Gosselin a tax bill for $165,000-money the 72-year-old snowbird said he simply doesn't have The properties are no longer producing income and worth less than the mortgage, according to Gosselin.