British Expats - Buying or Renting US property

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Re: Buying or Renting US property

Quote:

Originally Posted by mrsmaccmoo (Post 11095973)

Is property tax really tax deductible? I thought it was, but then the company's relocation advisors told us it wasn't (although to be honest, she has definitely given us a bit of dodgy advice in other areas).

Take a look at "Schedule A" line 6 on real estate taxes. If one finances, then the home mortgage interest is also deductible.

Before 1986, ALL state and local taxes and interest payments were deductible. There is talk of eliminating the deductions for home interest but that is considered a "third rail" type of issue.

Re: Buying or Renting US property

Quote:

Originally Posted by S Folinsky (Post 11096484)

Real estate taxes is a bit of political hot potato too. The people that get the most benefit from it are the "blue" (left-leaning) tax and spend states, who tax their own populations, and then the deductibility of state taxes diminishes the income tax collected by the federal government. There was talk of changing the deductiblity rules, at least to cap the amount that can be deducted, but it came to nothing, I presume because the Dem's don't want it and the Republicans know that it would alienate another slice of the electorate in states where they are already struggling to find support.

Re: Buying or Renting US property

Quote:

Originally Posted by Pulaski (Post 11095998)

Mrs P and I have viewed over 100 houses, maybe even 150, in NC and NY (we're very picky buyers!) and I only ever recall seeing the sellers on one occasion. We looked at tenanted properties a couple of times, so there was an opportunity to to talk to them, but, honestly, the chances of you having an opportunity to meet the sellers and discuss the property is slim-to-none.

When my husband and I bought our US house and turned in our notice to leave the property we had been previously leasing, the landlord refused to have a lockbox installed, so sometimes the realtor would ring and ask us to let him bring some clients over to look at the house while we were there. This was a real pain, because we had to tidy up and put up with people tramping through looking around. Sometimes they'd ask us questions that we weren't sure how to answer, so it was awkward. But we liked the house owner, so we'd try to be diplomatic. ;)

Quote:

Originally Posted by Nutmegger (Post 11096187)

Most realtors like to have the owners out of the way when they show because some get bent out of shape/upset at prospective buyers looking in their cupboards, making derogatory comments about the color scheme, etc.! On the other hand, some prospective buyers feel uncomfortable if the owner is 'hovering"!

Yes, in all the many houses the husband and I viewed, it was very rare to catch even a glimpse of the owner. And--again--it was somewhat awkward when we did. There's a reason most sellers use estate agencies, despite their fees (and other drawbacks)--it's just easier on all parties.

Re: Buying or Renting US property

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Originally Posted by WEBlue (Post 11098930)

We would occasionally see them shooting out of the garage as we were opening the lockbox to go in the front door. One time we saw them sitting in the car about 20 yards down the road, and they then drove back up the drive as we were getting into our cars to leave. But meet them face to face, or talk to them? Not a chance!