DID YOU KNOW? No, it's not an April Fool's joke: taxes are going up again in New York, and while some may think its only a 'tax on the rich' they will be sadly mistaken.... I don't have all the final details, but a new revised progressive Mansion tax will start on homes selling for $2 million and more (1.25%) capping out around 4% on $25 million plus sales. Transfer taxes are going up 0.25% on ALL sales. New internet taxes, congestion pricing will impact ALL New Yorkers. Real Estate tax hikes will be capped at 2% per year.....but of course this does not apply to those who live in New York City. Not once in the entire new budget is there a single mention of improved efficiency.....a ban on plastic bags is one positive though.
DID YOU KNOW? A common structure to gift a vacation home is called a qualified personal residence trust, or QPRT. These trusts are tapped by those who want to retain the right to continue using the home for a certain period of time, which is typically the rest of their expected lifespan, while not being the official owner and thereby avoiding estate tax policies that may change later. Under the trust, the property would transfer to the designated beneficiaries at death. (PENTA)
DID YOU KNOW? 39% of second home owners paid all cash for their home. (NAR)
DID YOU KNOW? Victims in federal disaster areas can choose to claim their losses for the year in which the disaster actually struck or for the prior year. EG: taxpayers with net personal casualty losses this year could claim their losses on their return for 2018—or they could wait until next year and claim it on their return for 2019. Taxpayers who suffered losses in 2018 could claim those losses on their return for that year—or on their return for 2017 (typically by filing an amended return). (WSJ)
DID YOU KNOW? Bankrate.com compiled a list of the 10 best U.S. metropolitan areas for first-time homebuyers and Pittsburgh was at the top, ranked first for both affordability and safety. The analysis used 13 measures that fell under the weighted categories of affordability, culture, job market, market tightness, and safety. Raleigh, N.C., Oklahoma City, Hartford, Conn., and St. Louis rounded out the top 5 followed by Cincinnati, Buffalo, N.Y., Minneapolis, Kansas City, Mo., and Virginia Beach, Va. (Bankrate)
DID YOU KNOW? Florida, South Dakota, Colorado, New Hampshire and Virginia are considered the best 5 states to retire based on affordability, quality of life and healthcare. Interestingly three of them are cold-weather states. The highest cost of living for residents is in Hawaii, California, Alaska, Connecticut, and New York. (WalletHub)