Thinking about moving to Long Island from Brooklyn - New York (NY) - Page 2

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Thinking about moving to Long Island from Brooklyn

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04-21-2015, 09:09 AM

lifevicarious

63 posts, read 87,717 times

Reputation: 52

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Quote:

Originally Posted by GCGuy

Just moved from Queens to Garden City.

Taxes on townhouse from 2000 - $5K, plus income tax from NYC

Your RE tax is a deduction just like your mortgage tax, plus you can theoretically pocket extra cash from a sale and put it in the bank and earn 5% rather than pay mortgage interest of 7%.

Huh?!

If you live in GC, you shouldn't pay income tax for NYC.

Also, what bank pays 5% interest and who pays 7% on a mortgage?!