De Blasio declared losses on his Brooklyn rental properties for 2016

Bill de Blasio, the landlord, had a not-so-profitable year in 2016.

De Blasio, who owns two rental properties in Brooklyn, made $106,000 as a landlord last year, according to tax documents released on Tuesday. However, after generating a variety of expenses, the properties, located at 384 11th Street and 442 11th Street in Park Slope, took money out of de Blasio’s pocket.

Mayor De Blasio made $56,500 in rental income from 384 11th Street. However, after payments such as $27,252 in mortgage fees and $21,831 in depreciation expenses, the property generated a loss of $5,490. The 442 11th Street property was also not profitable. With payments such as $33,967 in mortgage fees and $5,139 in depreciation expenses, the property posted a loss of $757. He paid a total of $7,098 in property taxes for both homes.

De Blasio, who released his combined Federal and State income tax returns with his wife, Chirlane McCray, criticized President Donald Trump’s refusal to do the same thing.

“No one enjoys paying taxes, but we are grateful to live in this country, in New York City, and do our part. We are grateful to have a home — even if we don’t live in it right now — and a steady source of income. And we are grateful to have the profound honor to serve the city we love,” he said.

“Yet, tax time also confronts us with the cruel absurdity of what President Trump and his Republican enablers in Congress are doing. They want to slash sensible government investments in education, health care and other key areas that most Americans rely on and use that money to give a massive tax cut to the wealthy — the one segment of Americans who don’t need any help.”

The properties have recently been put on the market. Last month, a one-bedroom apartment at 384 11th Street was listed for $1,825 per month. Meanwhile, 442 11th Street, a century-old three-story home, was listed for $4,975 in 2014.

2 Responses

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  1. ohnonononono
    Apr 18, 2017 - 04:17 PM

    He didn’t literally lose money on his properties. He claimed those mortgage fees because he refinanced his mortgage and claimed the standard depreciation expenses that the IRS basically compels anyone to do to make up for the tax hit from depreciation recapture if/when he sells.

    Reply
    • JEng
      Apr 19, 2017 - 05:01 AM

      so he comes out ahead in every way and can also claim he is out of pocket? Is that why Leticia James’ office laughed at me when I pleaded with them to look at our being taxed more than total rents collected – that Caroline Orlofski or something woman LAUGHED and said fake sweetly but OHh it’s a tax write off.

      This is a cruel and corrupt government.

      Reply

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