Tag Archives: Capital Gains Tax
For the Umpteenth Time: Is There a Secret Home Sales Tax Hiding in the Affordable Care Act?
We just said this at dinner last night: you can’t trust much of what you hear from politicians during normal times. But during an election year? Truth becomes as rare as finding a $150k home on Beverly Drive.
The Rich Worry: Will the Affordable Care Act or Obamacare Affect the Luxury Real Estate Market? Like Maybe Cool Luxury Sales?
I was in California over the weekend, and sat through several presentations from top agents in Silicon Valley as a favor to a friend considering putting his home on the market. It was interesting to see how they presented comps and market homes out there. Only one of the agents still uses print ads to market homes, another never places ads in the larger circ papers — “waste of money”, said he, preferring smaller hyper-local pubs, if any. For this crowd, it’s all about the web and emails/texts. 89% of buyers search for homes online, they said. But get this: among buyers aged 25 to 44, a whopping 95% use the internet to search for a home. Internet buyer’s incomes are 25% higher than traditional buyer’s incomes. More buyers find their homes on the internet than through signs, home builders, or print ads combined. Continue reading
Taxes and Second Homes: Will Buying a Second Home Help Lower My Income 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 invention to snag the rich that ends up now screwing the middle class, sometimes puts the brakes on mortgage interest or property tax deductions of any abode.
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