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Re: Manhattan Club Lawsuit (by Nathan Z.):
We each pay different taxes based on our individual assessments. I pay my MF every other year because I own a split, but I pay RE tax every year because that’s the way the city bills. A full week every year is double what I pay, so the average would be $2-400. I misspoke. However, the same tax laws apply to us all. I am an IRS licensed tax professional so I am not merely expressing an opinion. A timeshare at the Manhattan Club qualifies as neither a primary residence, nor a second home, so any mortgage interest is not tax deductible. Real estate taxes you pay anywhere are always deductible. As far as relying on TMC counsel for tax advice, I would think that it goes without saying by now that it would be unreliable. TMC is not a pass through entity which confers tax benefits on owners. Finally, unless the unit is owned in the name of a corporate business entity, you cannot pay rent to yourself. It is really a home office if you own it personally. So I am not giving tax advice to anyone, and by all means rely on TMC counsel or your individual tax advisors. I hope you are never audited.