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From: grl@charm.UUCP (George Lake)
Newsgroups: net.taxes
Subject: Re: Real Estate Taxes and Tax Reform
Message-ID: <675@charm.UUCP>
Date: Wed, 5-Jun-85 09:20:16 EDT
Article-I.D.: charm.675
Posted: Wed Jun  5 09:20:16 1985
Date-Received: Thu, 6-Jun-85 05:52:34 EDT
References: <257@mhuxv.UUCP>, <2404@mit-hermes.ARPA>
Organization: Physics Research @ AT&T Bell Labs Murray Hill NJ
Lines: 12

Real estate taxes on a rental property will be allowed, as
will depreciation.  When considered with your other investment
income, you can't loose more than $5k due to depreciation.

All in all, I'm becoming enamored of the tax plan.  Perhaps 
because I'm about to move to Seattle, where property taxes are
low and income tax is zilch.  This up front, I do think that
local taxes  are payments for services.  In my town, they include
garbage collection.  One town over, they have a seperate bill.
Why should I get to deduct garbage collection?  Taking away the
local tax deduction will put some pressure on local governments
to improve and streamline services.