I have heard some discussion of taking a client to lunch at a golf course and a tee time is included with the lunch. Business related meals remain 50% deductible. Just saying.
I find your article fascinating. I live in California belong to a private club and live on the course (home worth $750,00). I think your missing the point. Why do people live and belong to private clubs ? (So we don't have to play with a schmo.)
Lmao I agree with you.. but not all of us are as you say SCHMO... I’ve been a RN for 32 yrs and yet a modest income will not or cannot be part of a private club because of the attitude towards golfers that can play.. why be a private club member when there many more challenges to be experienced when out there.. I calculated it last night and my family spend approximately $30000 on golf and golf trips a year.
In a very successful and promising start to his Presidency so far is the way this article should have started. You have no clue about owing and managing property let alone, knowing anything about the new tax laws. I own two properties--one on the 13 green of a golf course, and I will do OK under the new tax laws.What you didn't say is that this law was aimed at high earners since that id What our President was trying to do. In my view many folks earning 7 figures are probably paid much more than they are worth and can afford the hit they are taking. Which was part of the objective of the law which most liberals won't admit. So I might suggest you stick to something you know about with limited life experience. By the way I am a member of two golf clubs!
Totally agree Ed. I own a Property also on the 13 Hole on a Gulf Coast Golf Course in Florida.This is our Presidentdoing what he said he would do to the higher income folks,when he was running for office.
I will be looking to transfer my club membership, due to the change in the tax code.
At year's end I'll review the tax impact of my club membership with my CPA. if the impact is burdensome I will consider dropping the club membership in favor of an alternative semi-private club in the area where I can pay a simple green fee and play. If I continue with the private membership it will most likely be because my golf buddies at the club are retired and may not write off their club expenses anyway.
With the President being a golfer and a real estate developer, you would have thought any legislation passed would have been friendly to both. I'm a Realtor and a golfer and so far I haven't heard anything negative from my buddies who are country club members. In the real estate industry we're not seeing anything slowing down in San Diego. Overall, not sure the new tax code has had much of an effect on consumer motivation to buy or play but then again, no one has filed a 2018 return yet. We'll see.
Your right. Nobody has filed a return yet under the new tax laws. Just wait and I think your going to hear some groans....
In an otherwise turbulent and controversial presidency so far, " , opening your article in this manner, was both unnecessary and insulting to your readers. No need to editorialize, your feelings for the President are now well noted. As a 30 year California resident, i meet people every day that are, like us, planning their Calexit. High taxes, traffic, ultra left wing politics, will result in a Arizona boom.
Tim - The complete inaccuracy of your opening paragraph as it relates to the deductibility of real estate taxes makes me question the validity of any of your other observations in the article. Your comments are like saying if you have a handicap of over 15, you only count one stroke for every two putts.
Owen--The poor wording of the section you refer to in the original article has been changed to be more accurate.--Tim
I understand this article is not directed at the middle-class or poorer. But, I thought I'd rant anyway. Let's see, the golf industry is struggling to stay afloat...on its own terms (i.e., golf is for rich, WASP males only. Tiger Woods be damned!). Meanwhile, the Golf Galaxy store in Rockville, Maryland, closed a couple of weeks ago. Golf club membership fees equal the price of a car, the downpayment on a house, or a semester of college. A single golf club can cost over $1,500 (thank God for Top Flite!). Were it not for municipal golf courses, I would never have discovered golf! Good luck growing the game!
You can easily buy a an entire set of clubs for under $1,500.. Deals on daily fee courses abound and semi private courses are starving for members. Memberships in a Private course have never been reachable for the rich and/or corporate individuals so this law won’t affect golf . It’s popularity has already decreased due to cost and competition from emerging sports and other Millennial gaming or social experiences.
Thanks, Average Hacker! I bought my set on Ebay for under $50! I play municipal courses because they're affordable for me. As much as I love golf, its impact on the environment does not make me sad about its decline.
You are way off on your comment about golf courses making a negative impact on the environment, nothing could be further from the truth !!
Jim, I was referring to how deforestation destroys the wooded habitat of deer and other wildlife that need such environments to live and thrive. True, it is not as bad as building construction, which completely decimates wildlife habits. But, it does make life more difficult for them. While the golf industry is working to make golf course management more environmentally friendly, the needs of wooded wildlife must also be considered.
Golf courses provide one of the only (large) refuges in an urban setting for wildlife, along with parks and cemetaries. And the edge environment that golf holes with wooded areas provides more variety for more species than just a woodlot. Golf courses clean the air, water, and environment they occupy.
Mike, I concur.
Sad that the tax information is so inaccurate. Having someone with just a mediocre knowledge of the new tax law review the article prior to posting it would have prevented this.