Tax Reform

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

houseMain observations-

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

 

 

 

This entry was posted in Seashore Real Estate. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Tim Kerr Sothebys Logo
  • cheap jerseys
  • cheap nfl jerseys
  • discount nfl jersey
  • cheap jerseys from china
  • https://www.cheaporder2021.com
  • wholesale jerseys
  • wholesale jerseys online
  • boutique de foot en ligne
  • maillot de foot pas cher
  • bas de survetement de foot
  • cheap jerseys sales online
  • cheap nba jersey
  • wholesale nba jerseys
  • classic football shirts
  • Maillot De Foot Pas Cher
  • classic retro vintage football shirts
  • cheap nba jerseys from china
  • cheap nfl jersey
  • https://www.wutiangong.com
  • wholesale nfl jerseys
  • cheap nfl jerseys from china
  • nike nfl jerseys china
  • wholesale nike nfl jerseys
  • destockage rpliques maillots football
  • maillot de foot pas cher
  • football de l'argentine jersey
  • maillot de club
  • https://www.minzhaozeng.com
  • maillot de enfant
  • maillot de foot pas cher
  • maillot de femme
  • maillot de foot enfant
  • https://www.kanzich.com
  • https://www.jieyizh.com
  • maillot de foot pas cher