[joey2665]

Originally Posted by fatlazyless

No one here ever talks about the 2018 imposed federal income tax limit of ten thousand dollars on deducting your state income and local property taxes from your federal income tax. Starting with tax year-2018, due on April 15, 2019, the deductible "salt" or state and local taxes, was reduced from no limit down to ten thousand dollars/year.

So, instead of getting a tax deduction for all your home owner property taxes, you have to pay with "real" money on the amount over ten thousand dollars.

Apparently, this new limit seems to have no effect on the upward rising purchase price that buyers will pay. There's so much demand that the ten thousand dollar limit makes no difference to potential NH second home buyers who also have a primary home in states like NH, MA, RI, CT, NY, NJ ..... all states with high property taxes.

With a yearly Wolfeboro property tax bill of 108,770-dollars, the 20 Wyman Drive, Wolfeboro house with the asking price of ten million dollars sure seems like a whopper property tax bill ...... $108,770 ...... or $298/day, or $8940/month. Who knows, maybe a religious organization can buy it and make it into a legitimate summer camp for kids, or a school. It includes 6.2 acres of land.

You’re only telling one side of the story yes the tax is limited to $10,000 but you’re leaving out the fact that the tax brackets were lowered significantly. So leaving state taxes out for the moment your federal tax rate still went down even though you lost the deduction over $10,000.


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