....property taxes too high?

[Hillcountry]

I hit the thanks button by mistake but you sound like a nice guy so I’ll leave it there...

[ITD]

How about looking at results instead of intentions?

[fatlazyless]

Anyone know what the sweet spot, property value is for Town of Meredith; the assessed value where you leave the land of making your property tax payment with money that can be deducted from federal taxes, and enter the level above $10,000?

Is it $850,000 assessed Meredith property value?

If yes, then owning Meredith property assessed above $850,000 got more expensive for tax year 2018 ...... paying with non-deductible, real money for above your town's sweet spot..... no more help from your long time real estate friend, Uncle Sam ...... the federal government .......boo-hoo-hoo-hoo ....... what happened
to our long term relationship ....... you, me, the Federal Gov and owning a home.......... The Federal Gov has always, always, always been so nice about this?


Have two homes ....... it is $10,000-total ...... like for one in NH and one in FL ........ as opposed to $10,000 for each home ..... which would be $20,000 ...... you get this picture. Yes, we see.

[Biggd]

Originally Posted by fatlazyless

Anyone know what the sweet spot, property value is for Town of Meredith; the assessed value where you leave the land of making your property tax payment with money that can be deducted from federal taxes, and enter the level above $10,000?

Is it $850,000 assessed Meredith property value?

If yes, then owning Meredith property assessed above $850,000 got more expensive for tax year 2018 ...... paying with non-deductible, real money for above your town's sweet spot..... no more help from your long time real estate friend, Uncle Sam ...... the federal government .......boo-hoo-hoo-hoo ....... what happened
to our long term relationship ....... you, me, the Federal Gov and owning a home.......... The Federal Gov has always, always, always been so nice about this?


Have two homes ....... it is $10,000-total ...... like for one in NH and one in FL ........ as opposed to $10,000 for each home ..... which would be $20,000 ...... you get this picture. Yes, we see.

How many times are you going to repeat this? That's a sign of old age, when you keep repeating yourself over and over and over again.

[joey2665]

Originally Posted by Biggd

How many times are you going to repeat this? That's a sign of old age, when you keep repeating yourself over and over and over again.

FLL is just increasing his lead as the most amount of posts on this forum.

[MAXUM]

Originally Posted by Biggd

How many times are you going to repeat this? That's a sign of old age, when you keep repeating yourself over and over and over again.

If history serves as a measuring stick, it'll never end. In fact I think he's over due for another random noodle posting. Just think if some how some way he can figure out how to find a way to fix the 10K property federal tax limit with a noodle? God help us all!

[ITD]

Originally Posted by MAXUM

If history serves as a measuring stick, it'll never end. In fact I think he's over due for another random noodle posting. Just think if some how some way he can figure out how to find a way to fix the 10K property federal tax limit with a noodle? God help us all!

You guys are giving him exactly what he wants, he likes to stir it up.


HEY LESS, why should I have to subsidize your expensive property tax and state taxes by letting you deduct them? $10k sounds more than fair to me.

[joey2665]

Originally Posted by ITD

You guys are giving him exactly what he wants, he likes to stir it up.


HEY LESS, why should I have to subsidize your expensive property tax and state taxes by letting you deduct them? $10k sounds more than fair to me.

That is because you live in a low tax state. Come to NY, NJ, MA, CT, CA ect where there is extremely high state income and property tax. The least should should be able to do is deduct them 100% on your "federal return".

[ITD]

Originally Posted by joey2665

That is because you live in a low tax state. Come to NY, NJ, MA, CT, CA ect where there is extremely high state income and property tax. The least should should be able to do is deduct them 100% on your "federal return".

Joey, I live in MA where I pay property plus all the other taxes there and pay property taxes in New Hampshire too, my question still stands.

[joey2665]

Originally Posted by ITD

Joey, I live in MA where I pay property plus all the other taxes there and pay property taxes in New Hampshire too, my question still stands.

So to understand your position, you are willing to pay MA income tax and MA/NH property tax and only be able to deduct 10k?

[ITD]

Originally Posted by joey2665

So to understand your position, you are willing to pay MA income tax and MA/NH property tax and only be able to deduct 10k?

Joey, I don't support making everyone else pay more so I can pay less because my state is out of control with taxes. I choose to live in Massachusetts, although every year I wonder why. But yes, I'm fine with the $10k cap, especially when I consider with the cuts I will most likely pay less than I would have with last year's rules, even with the cap.

[joey2665]

Originally Posted by ITD

Joey, I don't support making everyone else pay more so I can pay less because my state is out of control with taxes. I choose to live in Massachusetts, although every year I wonder why. But yes, I'm fine with the $10k cap, especially when I consider with the cuts I will most likely pay less than I would have with last year's rules, even with the cap.

You hit the nail on the head. I have been doing a lot of forecasting for clients and it is definitely a client by client situation. Some will pay less even with the cap and others will pay more. From what I have done and being in NY with high state income tax about 60% of my clients will pay more in 2018. Those paying less will not care those paying more will obviously complain

[tis]

Joey, funny you are talking about NY taxes. My phone company used to be in Portsmouth NH but they sold out to a company in NY. Surprisingly to me, they told me today that we have to pay the NY taxes.

[joey2665]

Originally Posted by tis

Joey, funny you are talking about NY taxes. My phone company used to be in Portsmouth NH but they sold out to a company in NY. Surprisingly to me, they told me today that we have to pay the NY taxes.

If you don't mind me asking, what company? If the phone services are provided outside NY you should not have to pay NY taxes.

[tis]

First Light.

That's what I said to them but they didn't agree with me. I'm sure the NY portion is not a whole lot of money but each line is charged. Obviously I would expect to pay the federal taxes and any NH taxes, but the NY deal did surprise me.

[Lakesailor]

You having to pay NY taxes on your bill would not surprise me. Most people having never lived in NY have no idea how high the taxes etc are in NYS. Much higher than Mass., no comparison. Only Calif. could possibly rival NY taxes. If you have to pay NYC or Yonkers taxes or both, you are getting pummelled from all sides. It's like you're just hoping for survival. Ask anyone who has ever lived there.

[joey2665]

Originally Posted by Lakesailor

You having to pay NY taxes on your bill would not surprise me. Most people having never lived in NY have no idea how high the taxes etc are in NYS. Much higher than Mass., no comparison. Only Calif. could possibly rival NY taxes. If you have to pay NYC or Yonkers taxes or both, you are getting pummelled from all sides. It's like you're just hoping for survival. Ask anyone who has ever lived there.

You do not pay multiple city tax in NY any longer. Only individuals living in nyc pay city tax as with Yonkers. There no longer is NYC or Yonkers non residents tax ( more commonly known as commuter tax) Rudy Giuliani did sway with it years ago.


Sent from my iPhone using Winnipesaukee Forum mobile app

[Lakesailor]

You are probably correct, as I am not an accountant and retired some time ago. At one time, if you were a NYC employee living in Yonkers NY, you paid federal, state, nyc and Yonkers income taxes. Would you agree with me that NYS has the highest overall taxes in the nation. Don't forget to figure in the MTA tax and all the taxes that appear on your phone and cable bills.

[kawishiwi]

Originally Posted by Lakesailor

You having to pay NY taxes on your bill would not surprise me. Most people having never lived in NY have no idea how high the taxes etc are in NYS. Much higher than Mass., no comparison. Only Calif. could possibly rival NY taxes. If you have to pay NYC or Yonkers taxes or both, you are getting pummelled from all sides. It's like you're just hoping for survival. Ask anyone who has ever lived there.

I worked on a payroll application and was astounded to see the numbers of possible taxes that were potentially payable in both New York & California. In addition to the standard Fed, State & Town property taxes, were separate Town, Township, water district, school district, and others. I think I found one location in NY or CA that had 7 separate taxing entities for which payroll system would have to calculate and/or report to.

[fatlazyless]

Originally Posted by MAXUM

If history serves as a measuring stick, it'll never end. In fact I think he's over due for another random noodle posting. Just think if some how some way he can figure out how to find a way to fix the 10K property federal tax limit with a noodle? God help us all!

…...cruising past my humble abode …..slow down and take a good gander at my recently constructed, installed, and completed, totally new second floor on top of my 70-year old mongrel, hodge-podge wf cottage …… two new bedrooms and a new bath up there...…. constructed entirely with 2"-3"-4"diameter x 42"long, high density, foam floatation noodles in multiple colors plus a lot of freebie, give-a-way paint stirrer sticks for stirring the paint which I believe are made from a birch tree...….

so's …….

...while Bob Bahre has the most prominent home on the lake ….. LONGVIEW..... $309,230 annual Alton, NH-property tax bill …... that fabulous mansion with the truly long view …. I, fatlazyless, have bestowed the name 'Noodle-ville' on my little cottage, which by the way is assessed way below the Meredith sweet spot for paying more than $10,000-prop tax …….. & is all 100% deductible ….. YO HO HO and a bottle of rum ……. true happiness is owning a 100% deductible property tax? ……. yo-ho-ho!

Like, why is all these For Sale signs recently popping up on my road, up and down the waterfront here …… "Because something is happening here but ya don't know what it is. Do you, Mister Jones?" (ballad of a thin man lyrics, bob dylan)



Here's a question for the forum cpa on board here …….. so, how does one deduct the property tax when you have absolutely no income coming in …..then, what do you do ….. that seems like it may be a serious accounting difficulty?

[joey2665]

Originally Posted by fatlazyless

…...cruising past my humble abode …..slow down and take a good gander at my recently constructed, installed, and completed totally new second floor on top of my 70-year old mongrel, hodge-podge wf cottage …… two new bedroom and a new bath up there...…. constructed entirely with 2"-3"-4" high density, foam floatation noodle in multiple colors plus a lot of freebie give-a-way paint stirrer sticks for stirring the paint which I believe are made with birch...….

so's …….

while Bob Bahre has the most prominent home in on the lake ….. LONGVIEW …. I, fatlazyless, have bestowed the name 'Noodle Heaven' on my little cottage, which by the way is way below the Meredith sweet spot for more than $10,000-prop tax …….. & 100% deductible ….. YO HO HO and a bottle of rum?





Here's a question for the forum cpa on board here …….. so, how does one deduct the property tax when you have absolutely no income coming in …..then, what do you do ….. that seems like it may be a serious accounting difficulty?

If you have NO taxable income then NO deduction is needed as you have nothing to deduct it from.

[fatlazyless]

Originally Posted by joey2665

If you have NO taxable income then NO deduction is needed as you have nothing to deduct it from.

ooooooh ……. I seeeeeee …….. that's how it works? ……. but, what about the property tax bill …….. do you still have to pay that local property tax bill???

Can't I just slice some foam noodles off my new second floor, wrap them up nice, and take this noodle package down to town hall as a payment in kind, or something …. sort of like paying the doctor's bill with a big box of freshly caught small mouthed bass?

[joey2665]

Originally Posted by fatlazyless

ooooooh ……. I seeeeeee …….. that's how it works? ……. but, what about the property tax bill …….. do you still have to pay that local property tax bill???

Can't I just slice some foam noodles off my new second floor, wrap them up nice, and take this noodle package down to town hall as a payment in kind, or something …. sort of like paying the doctor's bill with a big box of freshly caught small mouthed bass?

Only you don't have to pay your property tax. There is a little know special exemption for the highest ranking poster on the forum.