On Mon, 18 Oct 2004 10:06:45 -0400, "Jeff Rigby"
wrote:

There needs to be some compromise Harry. People who have been working all
their lives investing in property as their retirement have been **** on in
this country.

I'm in the same boat (so to speak) as you. I have recreational
property in Wisconsin overlooking the Mississippi. Paying for
education, what the hell -- I really can't bitch about helping and
besides, the country/small town kids are actually polite...

Couple of points:
1) Federal tax -- All local taxes are a write-off.
2) Sales/use tax -- I have two boats in Wi that I have never paid
sales/use tax on because WI cannot tax non residents and Illinois (my
home state) cannot collect because the boats are not used here.
3) My only complaint -- Wisconsin could give part-time residents a
break on hunting and fishing licenses. Non-resident fees are very
high.

--
Q

"Q" wrote in message
...
On Mon, 18 Oct 2004 10:06:45 -0400, "Jeff Rigby"
wrote:

There needs to be some compromise Harry. People who have been working
all
their lives investing in property as their retirement have been **** on
in
this country.

I'm in the same boat (so to speak) as you. I have recreational
property in Wisconsin overlooking the Mississippi. Paying for
education, what the hell -- I really can't bitch about helping and
besides, the country/small town kids are actually polite...

Couple of points:
1) Federal tax -- All local taxes are a write-off.

I thought the test was "If you don't get some service (value) for the money"
it's deductible. It becomes a sticky point to prove you didn't get any
services for the taxes spent.

Anyway, the write-off doesn't happen with vacant land until you sell it. In
the mean time, as an investment it's killing you to pay the $2,200 in taxes
on a 75X90 foot vacant lot every year.

My Grandfather had the opportunity (it became a Folk Tale in my family) to
purchase several acres of land on Longboat Key here in Sarasota for several
thousand dollars in the early 50's. At the time my Grandfather said, "Who
would want to buy a Flea infested strip of beach sand with no access
(road)". Today it's worth 20 million. When you think it thru, he would
have been forced to sell it in the 60's for $100k as he could not afford the
taxes for the additional 10 years to realize a million or the taxes for 40
years to realize 20 million. Taxes keep the poor poor and the rich richer.

On Mon, 18 Oct 2004 20:44:24 -0400, "Jeff Rigby"
wrote:

Anyway, the write-off doesn't happen with vacant land until you sell it. In
the mean time, as an investment it's killing you to pay the $2,200 in taxes
on a 75X90 foot vacant lot every year.

IIRC, on the deductions portion of the 1040, there is a line for
"Property Taxes Paid", or some such wording. Isn't this the *total*
of all property taxes? I'll keep an eye on this thread and post again
in a week or so -- hee hee, I need to do my 2003 return soon! At
least I put in an extension last filing season and made a prepayment,
so the real terrorists (IRS) won't slap me so hard this time;-)

--
Q