Quote:
Originally Posted by Biggd
That tax change on real estate tax deduction will have zero effect on rich people buying or building multi million dollar homes in the lakes region. Most of those McMansions are empty 90% of the time, not rented for extra income to pay taxes.
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One other thing to consider: If the property taxes are say $20,000 per year and the property use is 50% rental, half of the tax bill is deductible as a business expense and does not affect your $10,000 limit. If the house is 100% a rental property then the entire tax bill is a business expense and does not come into play with the $10,000 limit.