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Second Homes May Be Costly at Tax Time

Started by sjtmd
over 15 years ago
Posts: 670
Member since: May 2009
Discussion about
http://online.wsj.com/article/SB10001424052748703373404576148673655135908.html?mod=WSJ_NY_MIDDLETopStories The end of pied a terrorism in NYC - NYCMatt, are you happy now? "We had clients who heard about the ruling and all of sudden put on the brakes," says Judi Desiderio, a broker at Town & Country, a real-estate agency that focuses on the East End of Long Island. "They're saying, 'This is why I'll be a renter, not a buyer'
Response by MidtownerEast
over 15 years ago
Posts: 733
Member since: Oct 2010

If it reduces the amount of tips earned by staff, then Matt will be ecstatic.

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Response by sjtmd
over 15 years ago
Posts: 670
Member since: May 2009

You can see this a mile away - the tax laws will be "modified" - if you spend > 183 days in NYC, you owe 100% NYC & NYS taxes. If, however, you spennt less than that, the tax will simply be pro-rated. Spent 1-30 days? - you owe 15% of the full tax. 30-90 days - 25%, etc. You will need to prove TO THE TAXMAN'S SATISFACTION the dates you were not in NYC/]NYS. Since this is the ultimate taxation without representation scheme, elected officials will jump at this - no disgruntled voters to worry about..

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