Manhattan home resales drop as tax overhaul sidelines buyers

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The federal tax overhaul, which limits state, local and property tax deductions to US$10,000, was predicted to disproportionately affect homeowners in high-priced housing markets such as New York. Homeowners likely won’t notice the changes until 2019 taxes are filed, but the policy is already putting downward pressure on home prices, as the.

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(Bloomberg) — Manhattan home resales fell in the fourth quarter as buyers wavered ahead of the expected tax overhaul and stood firm in their refusal to overpay.

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