Tax Reform

Like many of you, I am reading up on the tax reform changes and how they will potentially affect property ownership.

houseMain observations-

1) Deduction of property taxes capped at $10,000 total.  The exception will be if a property is held as an investment and property taxes are listed as an expense on Schedule C of the tax return.

2) Mortgage interest deduction limited to the first $750,000 of debt (existing mortgages grandfathered).

3)  The interest paid on home equity loans and lines of credit will no longer be deductible.

4)  Fees paid to tax preparer no longer deductible.  Yet wonder if it’s a line item expense for an investment property on Schedule C- maybe?

5) The ability to transfer investment property via a 1031 Tax Deferred Exchange remains the same.

6) Capital gains rates – no changes.

Question for your accountant: are there benefits to change the classification of your shore property?  Second home versus an investment property?

 

 

 

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Improved weather!

Great weekend for a beach walk in Avalon or Stone Harbor NJ!

Pier

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January Sunrise

The Stone Harbor Bird Sanctuary

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Need a Beach Day?

Because I am booking vacation rentals for tenants every day, I have summer on my mind.

It’s so much easier to cope with cold temperatures and snow if you have a plan of escape 😎

Search through our inventory: https://www.timkerrsir.com/rentals

And I’m here all weekend to help!  609-967-7950

ann.delaney@timkerrsir.com

RentSignSummerBeach

 

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Ice Age!

Foggy morning and huge ice boulders along the water’s edge!  Really a unique sight…

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Monday Thaw?

The sun is out and the air temperatures are noticeably warmer :)

The beach is still frozen over- check out the “high tide” line of ice!  And there are giant piles of snow around the island ready to melt away.

P.S.  On a quick lunch break walk, I saw a property owner digging out his driveway with a lacrosse stick!  He drove down to check his house, but didn’t think to bring a shovel.  He was able to access the shed with his kids’ sports equipment.  There was also a tennis racket next to him in the snow, but I guess the lacrosse stick was more effective  ;)

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Sunday Sights

Frozen beach and ocean!

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Summer Cottage

A good day to plan for summer!

Just listed for sale:  vintage fishing cottage in Stone Harbor NJ situated on a 35′ X 110′ lot.

Click HERE for the complete MLS fact sheet and pictures.

83rdStreetCottage

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Avalon and Stone Harbor update

The roads are better, but certainly not completely clear.  The snow drifts at street ends caused many issues today with vehicles unaware of the depth of the snow.

If you are riding down this weekend to check your house, be aware that  properties on the north side of streets are more likely to be obstructed with higher drifts (a function of the wind direction).

The snow plows cleared the center of each street – blocking driveways in the process.  So you will need your boots :)

With the extreme and extended cold temperatures,  it’s worthwhile to check on your shore house (unless the house is completely winterized/pipes drained). Thermostats set at 55 or 60 degrees may not be adequate heating  to prevent frozen pipes in unoccupied properties.

Every fall and winter I stress the value of a winter watch service.  Regular inspections of the interior and exterior of your home provide peace of mind, and tbe inspector can trouble shoot to prevent serious damage.

I’m happy to make recommendations of local service providers.

Stay warm!

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Blizzard!

Well, the weather forecast was correct.  At least 10 inches of snow and hurricane force winds.

The snow drifts are impressive!

The Boroughs of Avalon and Stone Harbor did their best with plowing, but as of late this afternoon,  the roads are still a mess.

I took pictures and will post on Twitter.

 

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