Reply to Non resident luxury tax on $5M + properties.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am not even sure how they can enforce this. There so many ways to avoid classifying the property as a second home. [/quote]

I have not followed this closely, but I suspect anyone who does not pay NY city taxes (income taxes) but owns a property over $5 mil would be subject to this new tax.[/quote]

There is a lot of gamesmanship that can be had. For example, if you place in LLC or Trust and rent the property to yourself, rent the property to your child, etc.. It would no longer be considered a second home. [/quote]

This is not really accurate. Having it owned by an LLC doesn’t avoid the tax. And if you rent it and claim it is an investment property, then you’ll pay income taxes on that rent and property taxes as well. And even then, it has to be arms length terms to avoid the PT tax, and if you crash there occasionally or the child doesn’t pay market rent, you might pay the tax anyway plus the other taxes.

It is humorous to me that all of you laptop warriors think you’re smarter than the govt. [/quote]

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