City of Laconia home rentals

[fatlazyless]

1913-2017: unlimited local prop tax deduction off your federal taxes ..... effective for tax year 2018: $10,000 maximum limit on same ........

So's, only seems fair for the $10,000+ prop tax payer, now under attack from the fed, to have the option for renting it out maybe two or three of those rainy June-July weeks for something like $3000/week and let someone else go play in that cool, clammy June-July lite misty rain that's been present for the last ten years what with the global warming.

It seems to me ...... that there otta be a law against this new tax law!

[Biggd]

Originally Posted by fatlazyless

1913-2017: unlimited local prop tax deduction off your federal taxes ..... effective for tax year 2018: $10,000 maximum limit on same ........

So's, only seems fair for the $10,000+ prop tax payer, now under attack from the fed, to have the option for renting it out maybe two or three of those rainy June-July weeks for something like $3000/week and let someone else go play in that cool, clammy June-July lite misty rain that's been present for the last ten years what with the global warming.

It seems to me ...... that there otta be a law against this new tax law!

That tax change on real estate tax deduction will have zero effect on rich people buying or building multi million dollar homes in the lakes region. Most of those McMansions are empty 90% of the time, not rented for extra income to pay taxes.

[joey2665]

Originally Posted by Biggd

That tax change on real estate tax deduction will have zero effect on rich people buying or building multi million dollar homes in the lakes region. Most of those McMansions are empty 90% of the time, not rented for extra income to pay taxes.

I agree tax law will have ZERO effect on the McMansions. Many of these larger homes are not individually owned but you in LLC’s or another corporate structure for many reasons and this is an avenue to still receive the full property tax deductions plus deduct other expenses.


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[TiltonBB]

Originally Posted by Biggd

That tax change on real estate tax deduction will have zero effect on rich people buying or building multi million dollar homes in the lakes region. Most of those McMansions are empty 90% of the time, not rented for extra income to pay taxes.

One other thing to consider: If the property taxes are say $20,000 per year and the property use is 50% rental, half of the tax bill is deductible as a business expense and does not affect your $10,000 limit. If the house is 100% a rental property then the entire tax bill is a business expense and does not come into play with the $10,000 limit.