Category Archives: Second homes and taxes

Should You Refinance Your Investment Property? Marcus McCue of Guardian Mortgage Says ‘Absolutely!’

Written by Joanna England on November 4, 2012

With rates falling as they have over the past few years, a lot of people refinanced their homes and investment properties. And yet, rates keep falling to historic lows. Does it make sense to refinance again?

Posted in Second Home deals, Second home trends, Second homes and taxes | Tagged Guardian Mortgage Company, Guardian Mortgage Companyabout, Investment Properties, Investment Property, Marcus McCue, Mortgage Rates, Refinancing | Comments Off

If You’re Lucky Enough to Have a Second Home in France, it Might Get a Lot More Expensive to Keep it

Written by Joanna England on July 5, 2012

One of the big promises Socialist Party Leader and French President Francois Hollande pledged during his campaign was that he wouldn’t penalize foreign property owners with steep taxes.
And yet, according to a story from The Telegraph, that’s pretty much exactly what he’s proposing to alleviated the country’s budget deficit. Continue reading →

Posted in Second homes and taxes, Second Shelters | Tagged Capital Gains Tax On Property, Francois Holland, French Citizen, Nicolas Sarkozy, Socialist Party Leader, Tax Increase, The French Riviera | Comments Off

Guess Who’s Buying Up Vacation Homes Like There’s No Tomorrow? The Rich!

Written by Candy Evans on June 16, 2012

Those of us in real estate know that when the housing market plummets, vacation places plummet the most. Second homes are most often discretionary purchases you wait on until you feel flush with cash.

Posted in Beach Homes, Economy, emerging real estate markets, financing a second home, Florida homes, national news stories affecting second homes, neighborhoods, New York City, On the Market, Private Residence Club, Real estate market news, real estate taxes, Second home demographics, Second home trends, Second homes and taxes, Second Shelters, travel to second homes | Tagged California, Lake Tahoe, Las Vegas Telluride Col Lake Tahoe Naples Fla, National Association Of Realtors, Palm Springs, real estate | 1 Comment

Do You Have a Vacation Home You Want to Pimp, I Mean, Market? Social Media for Vacation Home Owners

Written by Candy Evans on July 15, 2011

Rent it, sell it, make it pay the bills for you? You may want to get up early with me tomorrow morning to participate in a way cool phone “webinar” with participation by experts in the vacation home marketplace. This is the second of two such webinars we are offering this summer. You missed the first one but don’t worry, I did too!

Posted in Second home demographics, Second home trends, Second homes and taxes, travel to second homes | Tagged Candy Evans, Facebook, Sanibel Accommodations, social mdia for vacation rental owners, Susan Cohen, Tollfree Number, Twitter | 1 Comment

Taxes and Second Homes: Will Buying a Second Home Help Lower My Income Taxes?

Written by Candy Evans on April 19, 2011

God, I wish I could say yes, but more likely, just maybe. Or how about, fat chance?

I checked with my wonderful CPA firm, Judd, Thomas Smith & Company, who says you may still deduct mortgage interest on a second home and also property taxes but watch it: that alternative minimum tax, a complicated Congressional invention to snag the rich that ends up now screwing the middle class, sometimes puts the brakes on mortgage interest or property tax deductions of any abode.

Posted in national news stories affecting second homes, Real estate market news, Second home trends, Second homes and taxes, Second Shelters | Tagged 1031 Exchange, Alys Beach, Amp Company, Capital Gains Exclusion, Capital Gains Tax, Property Tax Deductions | 2 Comments

Do You Owe More Than $1 Million on Your Home? If So, the IRS May be Calling You

Written by Candy Evans on March 28, 2011

Homeowners who owe more than $1 million on their homes are under intensified scrutiny by the IRS now. Why? Because of so much confusion over deducting the interest on those over $1 million mortgages. And you can do the math — if your mortgage is more than a million, you are likely deducting a boatload of mortgage interest so pay attention because this could mean good deduction news, something we need a whole lot more of right now. I’d say only your CPA knows for sure but that may not really be the case!

Posted in Second home demographics, Second home trends, Second homes and taxes, Second Shelters | Tagged Controversy Centers, Credit Card Debt, Michael Lewis, Moot Question, Mortgage Interest, real estate news Dallas, Refis, Second homes and the IRS, Tax Advisers, taxes and real estate | 2 Comments

Dallas Real Estate News: $20 Million Flower Mound Mansion Now Divorced Diva Haven

Written by Candy Evans on March 14, 2011

Calling all reality show producers: do I have a script for you! Take a 20,000 square foot Texas mansion built by an oil tycoon and his wife – I mean, ex-wife. OK, make that 19,337 square feet with 6 bedrooms, 6 baths, two half baths including one with a musical flushing toilet, two infinity pools, 6 living rooms, Moroccan media room, a guest house with three bedrooms, a caretakers home, Longhorn, cattle and horses and a barn (with full bar) to house them. There are even deer jumping (and getting stuck on) the fence plus rabbits, coyotes, snakes, critters, three mules, a horse, donkey, catfish and brim because the home is on the shores of Lake Grapevine. In fact, there are more than 450 feet of waterfront views of the lake from a 75 foot bluff, which is not only high for, but extremely rare in, Texas.

Posted in Celebrity Homes, Dallas real estate news, Second homes and taxes | Tagged agricultural exemptions, Dallas divas, Dallas real estate, divorce divas, Divorced Dallas Divas, Flowr Mound, Foot Bluff, Lake Grapevine, Longhorn Cattle, Oil Tycoon, Rogers Healy & Associates, Spa Bath, Three Mules | 1 Comment

What the Second Home World Needs: Super Duper Strong Toilets

Written by Candy Evans on February 19, 2011

When you have a second home, the whole point is to enjoy it and not be concerned about constant maintenance or pesky things like clogged toilets. Take a cue from those who are flush with experience: those low-flow toilets are a real pain in the rear. I know, they save water, but when you have to flush six to eight times to get things, ah, moving, or when you clog the commode countless times, how much water are you really saving?

Posted in Second home trends, Second homes and taxes, Second Shelters | Tagged American Standard, Clogged Toilets, Commodes, Golf Balls, Rubber Tubes, The Champion, Toto Neorest, Wigglers | 1 Comment

Second Homes in New York State About to be on Fire Sale

Written by Candy Evans on February 15, 2011

Having a second home in New York City or state may be more expensive now than ever. For those with places in the city, the state Taxation Department will require state residents who own second homes in New York City to report the number of days they spend in the city, which will likely result in more audits for commuters. Albany, you see, wants that New York City income tax. Don’t think you are off the hook if you own a home in, say, the Hamptons, but live in Connecticut. In January. a New York tax appeals tribunal affirmed a decision that a New Canaan, Conn., resident who worked in Manhattan and owned a Long Island home, still owed the state an additional $1 million. The million is taxes on income the resident, John Barker, and his wife earned outside of New York, plus interest and penalties. Of course, Mr. Barker already was paying New York state taxes on income he was earning in the state.

Posted in Beach Homes, national news stories affecting second homes, New York City, Real estate market news, Second home trends, Second homes and taxes, Second Shelters | Tagged City Apartment, New York State Income Tax, own a second home in New York, Rockefellers, State Income Tax, Sticky Fingers, York States | 1 Comment

Double Taxing? Think Twice About Having a Second Home in New York State:

Written by Candy Evans on February 13, 2011

If you own a second home in New York but don’t work there, you may soon be taxed like those who do, even on income made outside of the state. I love New York City and would be there every other week if I could. But I doubt I’d ever own property there, or could afford to. After a recent series of court rulings, this feeling could spread. A New Canaan, Ct. resident who works in New York City and owns a second vacation home on Long Island has been told by an appeals court he must pay income taxes in New York City and state — among the highest in the nation — on income generated outside of the state even though he and his wife live in Connecticut. The reason? They own a year ’round habitable vacation home on Long Island.