Quote:
Originally Posted by fatlazyless
With the loss of the plus ten thousand dollar/year federal income tax deduction, won't it mean paying more annually and owning a less valuable home for the high end, big money, waterfront cabins?
Yearly expense will go up, up, up ...... and the value will go down, down, down .... because the fed is no more your real estate best buddy ..... that friendly fed .... what happened ...... where u go .... boo-hoo?  |
Not necessarily true. It’s different for everyone. Yes limited to 10k but the standard deduction increased, which obviously they want less people to itemize and less chance of people overstating their expenses but the tax rates have gone down.
As I have also stated before there are other ways to deduct your expenses on a second home if set up properly and do certain things which are completely to irs code. However again this is not available to all consult your tax professional.
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