schmittel wrote: » Eg there are undoubtedly properties that are not on the market for rent because people think that post income tax return is not worth it. This is actually the most relevant post in context of the exchange between you and I:
Yurt! wrote: » We also know of people (or at least I do) of many people who have a buy-to-let that is mortgage free and has been for years and are happy to sit on it for the capital appreciation, they're a little bit older and don't want 'the hassle' of letting it out - and once they hit retirement they plan to pull the trigger to sell. Let's not be fooled that it's merely tax treatment of rental income that drives behavior. The tax treatment of rental income hasn't changed in donkeys of years as far as I'm aware and everybody knew the game they were getting into.
schmittel wrote: » No I don’t think it is just income tax, that’s my point - I was covering all bases. These properties are not on market because of income tax, CGT, CAT, fair deal, arrears, interest rates etc etc i.e one reason or another all of which is covered by the current tax and legislative framework. The actual point Cyrus took issue with is I said current buyers and sellers consider future changes in tax and legislation. He seems to think they don’t which is completely daft. IMO
Pelezico wrote: » Hmm. I have 600 posts and you have 14000 posts. I am impressed with your dedication. Anyway, let's stay on topic and talk about property.
Cyrus wrote: » So what do you think datadude for example is thinking about the future legislative and tax framework with regard to his decision to buy a family home ?
schmittel wrote: » He's reduced his max budget according to his post.
Cyrus wrote: » Making an allowance for a change in income tax rates but we both know that’s not what you meant. And I’d class him as a relatively sophisticated buyer.
schmittel wrote: » Nope. This is what you posted. And I replied: At which point you started telling me what I meant: And I never mentioned anything about vacant properties specifically.
Cyrus wrote: » And yet he inferred the same from your posts as I did funny that.
schmittel wrote: » There are hundreds of thousands of residential properties that are not "part of the current supply for one reason or another". But they do exist. At some stage they will become part of the current supply for one reason or another. And when that happens, you will have your oversupply.
schmittel wrote: » :rolleyes:
Cyrus wrote: » Just so I’m clear then you aren’t including vacant properties in the above, asking for a friend .
Pelezico wrote: » Cyrus...go to bed for goodness sake. This thread will be here tomorrow. For you. We promise to keep it going for you. My advice to all younger parents is to spend some quality time with your families. Life is short. Property discussion is pretty peripheral.
thefridge2006 wrote: » Yellen signals it’s ‘game on’ for global corporate tax reformhttps://www.irishtimes.com/business/economy/yellen-signals-it-s-game-on-for-global-corporate-tax-reform-1.4496154 Global rules on taxing tech firms move closer as US drops Trump-era objectionhttps://www.irishtimes.com/business/economy/global-rules-on-taxing-tech-firms-move-closer-as-us-drops-trump-era-objection-1.4496396 One of the several canaries in a coal mine. We must have an aviary of canaries at this stage Interesting from Ibec chief economist Gerard Brady when he said that the announcement by the Biden administration is “very meaningful for the prospects of agreement by July”. But he cautioned that an OECD agreement would prove a competitiveness challenge to the Republic’s business model. “We will need to look to invest in other competitiveness levers such as education, research and development, and critical infrastructure.” Critical infrastructure ..... lol, well that's us fu£ked so
Cyrus wrote: » The one thing I’ll say is if you have an affinity already with dalkey you won’t regret moving there , certain places are overrated but not glasthule or dalkey and likewise for parts of glenageary Killiney and dun laoghaire . This house caught my eye a while back, and no work to do, it sold quickly .https://www.myhome.ie/residential/brochure/44-york-road-dun-laoghaire-co-dublin-a96p928/4472776
DataDude wrote: » Incredible house. I was trying to do a whip round at Christmas dinner last year to get us the extra money we’d need for it! That said, I heard from a couple of people who live in Dun Laoghaire that York Road wouldn’t be considered a truly ‘prime location’. Hasn’t hit the PPR yet but, as you say, it sold very quickly which means it probably went well in excess of the €1.6m asking.
Cyrus wrote: » No York road isn’t prime but it’s not bad, the combination of the external aesthetic of the house and the apparent quality of the fit out do make it very appealing though I have to say ! Good luck to whoever bought it. A few other things came to mind last night so if it’s ok I’ll pm you Monday with a few other considerations that may not be at the forefront of your mind now but will be at some stage !
thefridge2006 wrote: Yellen signals it’s ‘game on’ for global corporate tax reform
Villa05 wrote: » Will this spark a stock market correction on Monday? They've been already spooked by a significant rise in US interest rates (sorry if my terminology is incorrect) and Big tech has been leading the charge for the last year How long would it take to reform? would it be short, medium or long term?
Buffett’s Berkshire Snaps Up Record $24.7 Billion of Own Stock
cnocbui wrote: » Brilliant timing to emphasise my point: Insane.
Pelezico wrote: » Maintain the rage PropQueries. Good to see you post again. The Irish property market is insane. Wait for the tax increases and the inevitable squeeze on multinationals with lower tax receipts. Down down down, property will go. Changing a light costs as much as a house. Both transactions are insane. Most people in Dublin don't have a bob to spend. Some have lots and there are only a few houses on market being chased by those few with money.
Hubertj wrote: » Talking about agreement by July - I think the hold up was the US (trump) and not what the changes will be. MNCs pretty much know what it will be and understand the impact. I work for a US MNC here and the anticipated OECD changes have been factored into future investment here in Ireland. There are 2 pillars - digital tax and corp tax. Both impact Ireland but the corp tax will be a larger impact. I believe it could be €2bn/year eventually. Read it somewhere but can’t find article.
schmittel wrote: » Have you ever read anywhere the estimated share of MNCs to the overall economy? I know they contribute lions share of corporate tax take and something like one in every 7 new jobs is MNC dependent, etc, but never seen a figure eg 20% of the country's economy is dependent on the multinational sector.
schmittel wrote: » Agree with you that a lot of companies engage in quasi fraudulent buybacks, but Buffet is not a good example. If he’s buying his own shares it’s because he thinks they’re cheap, not because he wants to boost the share price for his bonus.
decreds wrote: » ^ This Sums up a lot of what is going on at the moment. Most doing well in life financially and are aged 35 and above bought property a while ago and are not in the market. The majority who are purchasing in Dublin right now are desperate first time buyers borrowing as much as they can to get on the ladder before it's too late! I'm getting Déjà vu. There is very little going on besides FTB transactions at the moment. Smart money left the building a long time ago and now plenty of suckers are about to get caught holding the bag. My personal situation means i need to purchase within around 18months (2 years max), if i could put it off i would as bargains will be available in 2024 imo.
