$3,995,000 - Wow...

fatlazyless · 11-24-2020, 09:33 AM

Ten thousand dollars is the limit for deducting your state and local taxes, i.e. property taxes, from your annual federal income tax. I always thought this would have a big effect on NH lake front homes as their property tax surpasses the $10,000-limit ($5000 if married filling seperately). It has been in effect since tax year 2017, which was due in 2018, so it is still relatively new to the scene.

Google 'IRS tax topic No. 503' to read all about it.

Biggd · 11-24-2020, 10:23 AM

Quote:

Originally Posted by fatlazyless

Ten thousand dollars is the limit for deducting your state and local taxes, i.e. property taxes, from your annual federal income tax. I always thought this would have a big effect on NH lake front homes as their property tax surpasses the $10,000-limit ($5000 if married filling seperately). It has been in effect since tax year 2017, which was due in 2018, so it is still relatively new to the scene.

Google 'IRS tax topic No. 503' to read all about it.

You've repeated this message about a thousand times, I think we got it.

mowtorman · 11-24-2020, 11:53 AM

Nothing is worth more than someone is willing to pay you for it. A property listed in Center Harbor this summer sold for over a million more than the asking price in less than 48 hours with numerous bidders. This listing has a great sandy beach, morning to late afternoon sun, probably no sunsets tucked in behind what is now Avery Point. Protected cove, not much for direct impact boat traffic. No need to apply for no wake zones. Occasional bass fisherman sitting at the end of the dock. No more than 15 minutes to Heath's without traffic or easier by boat. No rafting in the area. The only thing that would have real impact would be a next door neighbor that either rents to large groups all summer or an avid boat owner with straight pipes or a PA system stereo and a large family with multiple jet skis. Someone might either knock it down or build it up. Soft sand bottom would easily take a large mushroom anchor for a mooring and is protected from both strong south and northwest winds. What's it worth to leave your boat for 2 weeks and know it will still be okay where you left it? Looks like the old Craig property they used to ski about every day with their Evinrude Rogue.

Descant · 11-24-2020, 12:13 PM

For $4MM, I'd want deeper water with a dock suitable for larger boats, not a temporary seasonal dock. Of course, if you just sold your house in the big city at $5MM to escape Covid, this could be a bargain.

11-24-2020, 09:33 AM	#1
fatlazyless Senior Member Join Date: Apr 2004 Posts: 8,775 Blog Entries: 1 Thanks: 300 Thanked 1,021 Times in 743 Posts	Ten thousand dollars is the limit for deducting your state and local taxes, i.e. property taxes, from your annual federal income tax. I always thought this would have a big effect on NH lake front homes as their property tax surpasses the $10,000-limit ($5000 if married filling seperately). It has been in effect since tax year 2017, which was due in 2018, so it is still relatively new to the scene. Google 'IRS tax topic No. 503' to read all about it. __________________ ... down and out, liv'n that Walmart side of the lake!

11-24-2020, 11:53 AM	#3
mowtorman Senior Member Join Date: Oct 2009 Posts: 231 Thanks: 75 Thanked 142 Times in 79 Posts	Pricing Nothing is worth more than someone is willing to pay you for it. A property listed in Center Harbor this summer sold for over a million more than the asking price in less than 48 hours with numerous bidders. This listing has a great sandy beach, morning to late afternoon sun, probably no sunsets tucked in behind what is now Avery Point. Protected cove, not much for direct impact boat traffic. No need to apply for no wake zones. Occasional bass fisherman sitting at the end of the dock. No more than 15 minutes to Heath's without traffic or easier by boat. No rafting in the area. The only thing that would have real impact would be a next door neighbor that either rents to large groups all summer or an avid boat owner with straight pipes or a PA system stereo and a large family with multiple jet skis. Someone might either knock it down or build it up. Soft sand bottom would easily take a large mushroom anchor for a mooring and is protected from both strong south and northwest winds. What's it worth to leave your boat for 2 weeks and know it will still be okay where you left it? Looks like the old Craig property they used to ski about every day with their Evinrude Rogue. Last edited by mowtorman; 11-24-2020 at 06:23 PM.

11-24-2020, 12:13 PM	#4
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,404 Thanks: 1,360 Thanked 1,633 Times in 1,065 Posts	lacking (my) amenities For $4MM, I'd want deeper water with a dock suitable for larger boats, not a temporary seasonal dock. Of course, if you just sold your house in the big city at $5MM to escape Covid, this could be a bargain.