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NYC condo hotel as 2nd office = big tax deduction???

NYC condo hotel as 2nd office = big tax deduction???

Old Jul 27, 2016, 5:24 pm
  #16  
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- why not trump international?
- trump soho may be less because only ~4 months occupied a year. (only one like this)
could also look at the timeshare/fractional properties - buying multiple in same unit
- there are fractionals at st regis for example

although those plaza units were bought in bulk at one point, buyer may still own some

park hyatt is also selling their rentals in bulk, not sure re after that sale happens

if youre trying to entirely avoid paying for tax advice, that really is not possible

Last edited by Kagehitokiri; Jul 27, 2016 at 9:14 pm
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Old Jul 27, 2016, 6:28 pm
  #17  
 
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Originally Posted by Kagehitokiri
if youre trying to entirely avoid paying for tax advice, that really is not possible
I would surmise (though perhaps "wish" is a better word) that OP is building his background knowledge by talking to experienced laypeople so that he can ask more pertinent questions of the paid professionals he looks to hire. That's what I'd be doing in his situation. I've interviewed many professionals who really don't know their own domain that well yet manage to build successful practices by fooling people who know much less than they do. Building a certain level of knowledge myself helps me determine who's a true expert versus merely a smooth-talking buffoon.
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Old Jul 27, 2016, 9:13 pm
  #18  
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plaza hotel has residences (the ones you mentioned) that can be in hotel inventory, and im pretty sure not all of them were sold in bulk to the bulk buyer, so if some are currently owned by individual owners, you could contact them, and or local high end realtors

the bigger residences at plaza are like the 'tower' residences at trump international, which are different from the 'condohotel' units (which can be occupied 365 nights a year by owner) at plaza and trump and the fractionals at st regis

hmm, i actually worked up partial list of (plaza) original sale prices, ill take a look
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Old Jul 27, 2016, 9:25 pm
  #19  
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Originally Posted by TravelPhotographer
Some points & clarifications:

Some free advice is worth lots more that
what's paid for it. Especially if from authoritative
sources or from those with on-target experience.
Wheat, chaff...
Please stop putting hard returns in your posts after every six or seven words. It makes it very difficult to read. Flyertalk automatically wraps text when it reaches the edge of the window. You only need to add hard returns between paragraphs.
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Old Jul 27, 2016, 9:42 pm
  #20  
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i think they may have word wrap from something else, based on that quote, but not sure
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Old Jul 28, 2016, 9:12 am
  #21  
 
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Originally Posted by TravelPhotographer
Please, if possible, provide link to any 14-15 work day
rule for NY or NYC. I only found definition for NYC resident
& therefore NYC residential taxes to be if one is in NYC-NY
any part of a day for 1/2 year plus one day... e.g., daily
commuters from CT/NJ have been stung by NYC residential taxes.
This is where it's good to get in touch with a CPA or tax attorney familiar with NY's tax codes. BUT here are some informative documents from some CPAs and tax attorneys.

http://www.hodgsonruss.com/media/pub...n%20Issues.pdf
http://www.hodgsonruss.com/media/pub...06_2009-v2.pdf
http://www.eisneramper.com/new-york-...rule-0912.aspx

And per this CNN article (and pretty much any other source out there), NYS is very aggressive about trying to collect non-resident taxes. There are also stories about the "employer of convenience" rule whereby NYS considers you to be working in the state of NY if your employer is located in-state, even if you are physically working outside the state for a majority or even all of the year. I'm not sure if that would apply in your situation, but again, you really should talk to a tax attorney or CPA about the non-resident, resident, and employer of convenience rules (at the very least).
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Old Jul 30, 2016, 7:48 am
  #22  
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> building his background knowledge by talking to experienced lay people so that he can ask more pertinent questions...

BAM!!!
Thanks for timeshare-fractional info.
Might make more sense as it is more "hotel-like"
& therefore reasonably 100% deductible...?
Does flyertalk have timeshare forum in which a
newbie can learn issues & investment prospects?
Those links to non-residents working in NY are scary.
As sole proprietor, I'd be working in NY & making
future income from NY subjects but not making $$
in real time whilst in NY = foggy...? My royalty
checks do not come from NY addresses...

Commander Chgoeditor:

Does it break
forum rules?
If not,
read it
like poetry
which the
world needs
more of...?
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Old Jul 30, 2016, 8:20 am
  #23  
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timeshares - wyndham (former alex hotel) ; 2 hiltons ; manhattan club

st regis hotel has fractionals (non chain hotel fractionals = phillips club)

quick search re hotel residences that can be put in hotel inventory
$800K studio trump soho (owner occupied up to 120 days due to zoning)
$1.2m studio trump international
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Old Jul 30, 2016, 8:28 am
  #24  
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Whether the lodgings are hotel-like or not shouldn't affect tax deductibility if your stays are clearly temporary and your tax home remains elsewhere. Temporary away from home lodging can mean up to a year or two in one place if you return to your tax home afterward. For that length of stay, most people would choose an apartment or even house over a hotel.
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Old Jul 30, 2016, 8:42 am
  #25  
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perhaps the question re pre-paying for hotel (another thread?) would be has anyone on FT who had a negotiated corporate rate also had an account with hotel where they or their company deposited funds with hotel, with account 'dropping' when nights are used/booked
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Old Jul 30, 2016, 10:25 am
  #26  
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Originally Posted by TravelPhotographer
Commander Chgoeditor:

Does it break
forum rules?
If not,
read it
like poetry
which the
world needs
more of...?
IMHO, it makes it much more difficult to read. You're assuming that everyone is looking at FT using a display that shows the same amount of text on each line. So what you think of as poetry instead can end up looking like this one one person's display:

IMHO, it makes it much more difficult to read.
You're assuming that everyone is looking at FT
using a display that shows the same amount of
text on each line. So what you think of as poetry
instead can end up looking like this one one person's
display:
But might look like this one another's:

IMHO, it makes it much more difficult to
read.
You're assuming that everyone
is looking at FT
using a display that shows the same
amount of
text on each line. So what you think
of as poetry
instead can end up looking like this one
one person's
display:
Talented software designers have built an interface that allows the length of a line to adjust dynamically depending on the width of the individual reader's display. To impose an arbitrary length preference on all of the readers who are trying to help you is obnoxious and I promise that some people will never read your posts because it is a headache. And with that, I'm done here because it does cause me a headache to read.
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Old Jul 30, 2016, 7:37 pm
  #27  
 
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Originally Posted by TravelPhotographer
Some points & clarifications:


Please, if possible, provide link to any 14-15 work day
rule for NY or NYC. I only found definition for NYC resident
& therefore NYC residential taxes to be if one is in NYC-NY
any part of a day for 1/2 year plus one day... e.g., daily
commuters from CT/NJ have been stung by NYC residential taxes.

Thanks for responses. Wheat winnowing in progress...
^ ^ ^
http://money.cnn.com/2013/06/28/pf/t...er-tax-threat/

The 14 day limit is in regard to withholding taxes. Theoretically, you are responsible for taxes as of day one of NYS income.
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Old Aug 28, 2016, 8:27 pm
  #28  
 
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Originally Posted by TravelPhotographer
As full time freelance travel shooter
I already have home office / residence / FL

Am anticipating a lot of NYC visits next 10 yrs
to shoot a lot of stock photography...

Normally it would involve hotels (100% deductible)
& travel meals (50% deductible)...

Am contemplating investing in NYC hotel condo
& staying ~5 mos annually, leasing ~7 mos.
(NYC resident taxes triggered at 6 mos 1 day)

Is anyone doing this or similar?
Can I claim entire apt. as 2nd office if entire
time there is spent working (+ sleeping)
(like 100% deductible hotel room)
or is it a 2nd home office that must be divided
into work area & non-work area?

Of course, will call IRS to ask questions
more than once, more than one agent, to make
sure I'm getting same answers per same questions.

But if anyone has expertise-experience, responses appreciated!!!
:-:@:-)^:-:@:-)^:-:@:-)^
If you do end up buying a condo or coop in NYC, be sure you take advantage of a buyer's agent commission rebate when making the purchase. In short, you can get paid 1% of the purchase price of your condo/coop back in cash.

Sadly I didn't know about this when I bought my condo in FiDi. I essentially lost out on $20k and have regretted it ever since...

Feel free to google the topic but this page has a pretty good overview of how it works: http://hauseitreviews.com/buyer-agen...on-rebate-nyc/
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