Home Buying in 10001>Question Details

Sam, Home Buyer in New York, NY

Should I even consider buying an apartment in NYC if I'm now paying the AMT tax and can't deduct property?

Asked by Sam, New York, NY Tue Apr 29, 2008

hould I even consider buying an apartment in NYC if I'm now paying the AMT tax and can't deduct property taxes?

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4
I agree with Ilan. If you're buying in New York, you're not buying for the tax break. You're buying because of the appreciation of the property, as well as the potential for high rental income for yours to come.
0 votes Thank Flag Link Thu Sep 11, 2008
Property taxes on a Manhattan apartment are low in comparison to most other places.

The Top 10 highest property-taxed counties in th US are in New York and New Jersey including Westchester and Nassau counties and Hunterdon County, N.J. which has the highest property tax in the nation.

Well down on the list is Manhattan (New York County). It placed 71st, although the median home value in Manhattan is one of the highest in the nation.

Most new construction condos in Manhattan have real estate tax abatements for 10 years.
0 votes Thank Flag Link Fri May 9, 2008
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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I would try to stay away from making investment decisions based on tax implications, unless you are specifically looking for a tax shelter. I think now and over the next few months there will be plenty of buying opportunities, a savvy investor should take advantage of the situation. Iown a real estate business and a tax firm with 6 offices in midtown manhattan and would be happy to help you out with both issues - http://www.jhliving.com.
Web Reference: http://www.jhliving.com
0 votes Thank Flag Link Fri May 2, 2008
If it's a good buy and you decide to rent it out, you can claim depreciation among other things. Ask a few Realtors for good tax professionals or accountants before you make a move. They are the experts!
0 votes Thank Flag Link Tue Apr 29, 2008
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