Tax Law, New York, Real Estate discussed on Before the Millions


Ranches we can we can kind of we can kind of lean on it and cover so let's i guess for this episode let's focus on on the real estate aspect response really fascinating i had like three questions i want to ask you about it let's let's folks on the royalists that aspect mentioned that the new tax law and you mentioned how it would affect you guys in new york he kind of explained the new tax us learn fits real estate is a revolutionary james the people really are not expecting as go take a while to adjust to it in the past you a unloaded deductions up property taxes and state income taxes and so admit the jiggling high tax statesled california newark new jersey delegate that had big homes and big proper debts with a huge deductions no more of the tax which villagers now it affects you are limited to ten thousand dollars in tax deductions for property taxes and stayed calm taxes collide gay where i live in russia carrying your everywhere out the house i we have thirty three thousand miles era property jackets imbalance 50000 something like that so that was all deductible no longer ten 10000 us deductible as well as high state income taxes if you'll never counsel near york tech states that's a big number so that's going to change people's perceptions a real estate residential rules a particularly because if you're gonna go into a home with thirty thousand dollars property taxes it's gonna cost you a lot more if you'll get a state tax abeche on top of that that's him with a high in the average person many many make you eighty five to ninety percent of americans will now take the standard deduction which were families that 24 thousands though 12000 meaning they don't get a deductions for anything gooding mortgage interest health care expenses student loan interest nothing because they're taking standard deduction they don't care about set deductions so on the lower end as her hurt real estate people being wounds take on mortgages the next.

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