Second Homes and Taxes
We met with our CPA to see what, if anything, we could do for 2010 taxes. Turns out the ATM fixes it so that many people cannot deduct property taxes, and Texas, unfortunately, has some of the highest in the land. (Alas, we do not have a state income tax, at least not yet.) We…
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You do recall former NBA champ Michael Jordan. Not only is he known as “the greatest basketball player of all times” but he is gaining a rap as the greatest home builder of all times! Jordan is completing a 28,000 square foot mansion in The Bears’ Club, Palm Beach County, Florida, near where Tiger Woods…
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I think I could live with just about every single suggestion this bipartisan deficit panel has made, at least, those that I have read, except the home mortgage deduction limitations and eliminating the mortgage deduction on second homes. Homeowners can now deduct mortgage interest on mortgages up to one million dollars. But would a second…
Read MoreThe Presidential, bi-partisian committee scrutinizing ways to cut our huge budget deficit brought on by the housing market collapse, Wall Street firms going under, and the biggest government bail out in the history of the world, may end the U.S. home mortgage deduction. It could certainly end the mortgage interest deduction of second home properties.…
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