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Old 09-27-2018, 10:00 PM   #70
joey2665
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Quote:
Originally Posted by fatlazyless View Post
This Bahre mansions's $309,230 annual property tax divided by 365 days/year equals $847/day in property tax, so for 2018 starting with January 11 every day accrues a property tax of $847 that is above the $10,000 limit and totally not deductible from the federal income tax.

It has to be paid with real money.

Considering this is a single family home that has a big long list of expenses such as electricity, insurance, fuel, maintenance, tv/internet, landscaping/snowplowing, and other stuff plus the $847/day prop tax effective January 11, that's a lot of expenses with absolutely no income generated by this residence.

E-gard ..... and yikes ...... so, maybe it can be rented out as a bnb party house ..... and bring in some cash ..... to pay the expenses?

You cannot eat the view.

So if someone has two or three homes, the total property tax amount deductible from federal tax for all two or three homes total is $10,000.


Please. Enough with the 10,000 property tax limit. It is irrelevant for this conversation. For someone in his income category there are several ways to legally get around part of the new tax law and I am sure his tax and legal advisors are taking care of this for him.


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