Quote:
Originally Posted by fatlazyless
And as everyone knows, starting with tax year 2018, due in April 2019, with the new tax law that was passed in December 2017, only the first $10,000 of state and local taxes are deductible from your federal income tax. A big change ....... and first real estate change like this since the 1913 birth of our federal income tax.
So, that will maybe lower the selling price for high priced homes? Wait and see?
Looks like the new owner is a home building company, so's could be it will sub-divide the open land, squeeze in another house or two, and not really care about the high property taxes since everything including the big house will get sold? As long as it still got that looooong vieeeeeeew! How's that for a plan, and then name them Long View I, II, & III.
If the town approves they could sub-divide and build condo town houses on the land out back, with eight condo town houses and a shared dock?
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So we have a developer buying the property and possibly building multiple units that will surely bring in more than 10K tax revenue each but they won't sell because you can't write off more than that on you taxes anymore? I guess this developer is taking on a terrible risk.
You should school him on this new law.