Posted by Jimmy on November 04, 2005 at 07:24:11:
please!
no one has proposed any rules that would impact interest deductions on investment properties.
the proposed rule changes deal with interest deductions on personal residences, which are personal expenses-by definition.
chill!!
Tax Laws changes Crushing Real Estate - Posted by Tom C
Posted by Tom C on November 03, 2005 at 10:36:11:
Folks, with the proposed changes to the tax laws as currently articulated we would all have to start looking for new areas to invest! See NYTims article published Nov. 3rd titled “Goodbye, My Sweet Deduction”
Write your congressmen and make sure we are hear. Remember the mid 80’s when value dried up over night. Here it is again!
Not sure it will affect rentals? - Posted by William Bronchick
Posted by William Bronchick on November 05, 2005 at 14:19:25:
First, I think it’s all talk and will never actually get passed. The
elimination of property tax deduction will severaly hit people in NY, NJ,
etc., and those Senators are way too powerful.
In any event, I’m not sure this will eliminate mortgage interest
deduction for rentals, since that’s business interest, not schedule A.
It’s almost a moot point, because anyone with a half a brain in our
gov’t realizes that if they eliminate the interest and tax deduction the
real estate market (and the economy) will collapse like wet taco.