Manhattan Club Lawsuit

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Re: Manhattan Club Lawsuit (by Nathan Z.):

Hi Deborah, Any real estate taxes that you actually pay are deductible, just like auto excise taxes, or state income taxes (unless the rules change...) But interest and maintenance fees are never deductible for people who bought for personal use and not deductible for business use unless it was structured properly. I can’t say it any more clearly than that.

You are absolutely correct as far as the final resolution of this mess goes. As I said a while back, we are just entering phase 2. Its a complex situation that needs to be unwound. The AG is not going to get involved in what is essentially a civil matter. And heaven forbid that the agreement of 15000 MC ownersis required to make meaningful changes! I hope for the best, but don’t realistically expect anything to happen soon.