Second Homes and Taxes
God, I wish I could say yes, but more likely, just maybe. Or how about, fat chance? I checked with my wonderful CPA firm, Judd, Thomas Smith & Company, who says you may still deduct mortgage interest on a second home and also property taxes but watch it: that alternative minimum tax, a complicated Congressional…
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Homeowners who owe more than $1 million on their homes are under intensified scrutiny by the IRS now. Why? Because of so much confusion over deducting the interest on those over $1 million mortgages. And you can do the math — if your mortgage is more than a million, you are likely deducting a boatload…
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Calling all reality show producers: do I have a script for you! Take a 20,000 square foot Texas mansion built by an oil tycoon and his wife – I mean, ex-wife. OK, make that 19,337 square feet with 6 bedrooms, 6 baths, two half baths including one with a musical flushing toilet, two infinity pools,…
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When you have a second home, the whole point is to enjoy it and not be concerned about constant maintenance or pesky things like clogged toilets. Take a cue from those who are flush with experience: those low-flow toilets are a real pain in the rear. I know, they save water, but when you have…
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Having a second home in New York City or state may be more expensive now than ever. For those with places in the city, the state Taxation Department will require state residents who own second homes in New York City to report the number of days they spend in the city, which will likely result…
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If you own a second home in New York but don’t work there, you may soon be taxed like those who do, even on income made outside of the state. I love New York City and would be there every other week if I could. But I doubt I’d ever own property there, or could…
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