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

hould I even consider buying an apartment in NYC if I'm now paying the AMT tax and can't deduct property taxes?
Tue Apr 29 2008, 19:58 - 10001 - Home Buying - 3 answers
 
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Sam
Home Buyer
in New York
Sam, Home Buyer in New York in New York
Answers (3)
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Frank Diaz was FIRST TO ANSWER
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.

Fri May 9 2008, 18:24
Web Reference: http://activerain.com/blogsview/281756/Good-News-for-Ma...
 
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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 - www.jhliving.com.

Fri May 2 2008, 09:25
Web Reference: http://www.jhliving.com
 
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FIRST ANSWER
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!

Tue Apr 29 2008, 22:58
 
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Check out more Home Buying questions in 10001...

Joe Sorrenti…, Real Estate Pro in Amherst
how do i buy a house from a tax sale?
Answered Sun Jan 27 2008, 06:26 by Joe Sorrentino in 10001
Read the answer
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