Out in the Hamptons, the US beach resort on Long Island favoured by Wall Street’s denizens, brokers and buyers already have a workaround for a tax-plan provision under consideration in Congress that would take away mortgage-interest deductions for second homes.
A client of Brown Harris Stevens broker Jessica von Hagn who works at a hedge fund decided to turn the holiday home he is buying into an investment property by setting up a limited liability company. That will allow him to deduct…
Source : South China Morning Post
Read more…US government tax plan no worry for property buyers in upscale Hamptons area















