Quote:
Originally Posted by fatlazyless
All New Hampshire property tax payers come out as BIG WINNERS ….
because all NH property taxes up to ten thousand dollars get deducted off your
April 15 federal income tax ….. and you do your part to make America great
again!
…………  …….  …... ……….. |
Maybe. But not all New Hampshire tax payers.
Many waterfront property owners have their NH house as a second home. When you add the high NH real estate tax to the tax of your other home, in many, probably most, situations it puts you well over the allowed $10,000 real estate tax deduction.
So, despite the constant cry that the Trump tax changes unfairly benefited the "wealthy" the loss of this deduction directly impacted those fortunate enough to own a second home. (And by fortunate, I mean those that in many cases, when it was not something passed down from the family, chose to work hard enough so that a second home was even a possibility) Even those who inherited a waterfront home have to keep up with the maintenance and taxes and those are substantial expenses.
This is not a complaint. It is a nice problem to have but the tax changes resulted in the loss of a substantial tax deduction to many people that is rarely discussed, especially by the main stream media.